India and EU to renew negotiations for FTA after 8 yrs; Launch complete connectivity partnership

India and the European Union have agreed to renew talks for a balanced, bold and complete commerce settlement and in addition launch negotiations for a stand-alone funding safety pact, the External Affairs Ministry mentioned on Saturday.
These choices have been taken throughout a digital summit between Prime Minister Narendra Modi and the heads of state or authorities of all of the 27-member states of the bloc with a deal with increasing total cooperation in areas of commerce, funding and connectivity.
The two sides additionally launched a sustainable and complete connectivity partnership, the ministry mentioned and described the summit as a “watershed” second within the ties.
The leaders additionally exchanged views on the COVID-19 pandemic and healthcare cooperation.
The India-EU leaders’ assembly is hosted by Prime Minister of Portugal Antonio Costa. Portugal presently holds the Presidency of the Council of the European Union.
“We are opening a new chapter in #EUIndia strategic partnership at the meeting of EU Leaders with PM @narendramodi,” tweeted Charles Michel, President of the European Council.
Modi was scheduled to go to Portugal for the leaders’ assembly nevertheless it was known as off in view of the coronavirus disaster and either side determined to carry the deliberations just about.
A strategically necessary grouping, the EU as an entire was India’s largest buying and selling companion in 2018. India’s bilateral commerce with the EU in 2018-19 stood at USD 115.6 billion with exports valued at USD 57.17 billion and imports price USD 58.42 billion.

In the fifteenth India-EU summit in July final yr, Prime Minister Modi had pitched for bringing out an “action-oriented” agenda to additional broaden ties between the 2 sides.