Outlined by Minister of Commerce and Industry, they tend to build a mutually beneficial partnership between the two.
The Six Broad Principles
- Focus on common values of democracy, rule of law and independent judiciary.
- Build a commercially meaningful, fair and equitable trade agenda, addressing trade barriers.
- Exchange best practices and harmonizing standards to achieve zero defect and zero effect production capability.
- Develop cutting edge technologies, secure critical raw material supply chains and build resilient supply chain.
- Cooperation in trade and sustainable development conforming to Common But Differentiated Responsibility.
- Partnership in mutual growth and development.
Significance of EU for India
- Concerns regarding China: Issues like China’s global expansion via the Belt and Road Initiative, military adventurism in Asia, misuse of the multilateral trading system, etc.
- Economic De-risking: India has a large and growing trade deficit with China and is heavily dependent on it for strategically important inputs.
- Critical and Emerging Technologies: EU could offer attractive capabilities in emerging domains like Cyber, Space, Quantum technology, Synthetic biology, etc.
India-EU Relations
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