India values her multi-faceted partnership with EU: PM Modi

India values her multi-faceted partnership with EU: PM Modi

India values her multi-faceted partnership with EU: PM Modi

The 14th India and European Union summit has been organised in New Delhi.President of the European Commission, Jean-Claude Juncker and President of European Council, Donald Franciszek Tusk are on a three day visit to India.European leaders are accompanied by a high-level delegation including EU's High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission Federica Mogherini. Once the circumstances are right, we will resume with good faith. "Today's summit is an important step in the right direction", Juncker said.

India reportedly imported goods worth €37.8 billion in 2016.

"We have significant and balanced trade partnership with India".

But the EU negotiating party will point to the launch of an investment facilitation mechanism for EU investors in India and the strong engagement of the European Investment Bank in India as positive steps forward. "Trade in goods is nearly perfectly balanced", he said. It is also one of India's largest sources of Foreign Direct Investment.

Ministry of External Affairs spokesperson Raveesh Kumar said that India received around Dollars 83 billion of foreign direct investment from Europe during 2000-17, which constitutes approximately 24 per cent of total FDI inflows into the country during the period.

During the meeting, while India pushed the EU for assuming a greater role of a security provider, the EU was firm on pushing the stalled talks of the proposed India-EU Free Trade Agreement (FTA), that began a decade ago. The 13th India-EU Summit was held in Brussels on March 30 a year ago during Modis visit.

The two sides have been strategic partners since 2004 and held the 13th India-EU summit in Brussels previous year during Prime Minister Modi's visit to Europe. He also welcomed the resumption of tactical exercise in the Gulf of Aden between EU's Naval Force Atlanta and the Indian Navy. This data needs to be protected. "If India's standards of data protection are converging with those of the European Union, the European Union will be in a position to recognise the adequacy of India's goods" PTI quoted the European Commission President as saying.

"With this in mind, I believe it is time for a free trade agreement between India and the European Union. today's summit is an important step in the right direction and our chief negotiators will sit down for talks in the coming days to chart a way forward".

He also informed that India will cooperate with European Union in developing Smart Cities and upgrading urban infrastructure.

The EU is India's largest trading partner, accounting for 13.7 percent of its overall trade, ahead of China and the United States.

Speaking at the occasion, Minister of State for External Affairs M J Akbar said that 25 per cent of the foreign direct investment comes from European Union and there is potential for further growth.

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