‘India, EU can redo int’l economic order’
New Delhi: A successful trade relationship between India and the European Union holds the potential to significantly reshape the global economic order, but the two entities need to find common ground on various issues first, a report presented in the European Parliament said. These issues include investor protection, tariffs, alcohol markets and digital frameworks, said the report from the Jacques Delors Institute titled ‘India and the European Union in 2023: Building A Closer Economic Relationship’.
The future of the India-EU partnership depends on both parties’ ability to navigate these challenges, the report said. “Even so, given their common concerns, the EU and India have a unique opportunity in the 2020s to deepen their partnership and shape the global agenda on trade, digitalization, climate change and security," the report written by Nicolas Köhler-Suzuki, a trade policy adviser and researcher with Jacques Delors Institute, added.
Among others, the EU wants unrestricted cross-border flow of data between the two sides, which includes allowing storage of data in EU countries under the proposed free trade agreement (FTA). The negotiations between EU and India were officially re-launched in June 2022 after being stalled for nine years.
India’s Data Protection Bill will have guidelines on data protection, data storage and cross-border flow of data. Meanwhile, beer, wine, feta and gouda cheese, luxury cars, fisheries, and agricultural items, among others, are the key interest areas that the EU has shared with India.
“Improving economic ties will be key to realizing the true potential of the strategic partnership between the EU and India. However, previous negotiations on a free trade agreement failed in 2013 due to
. Read more on livemint.com
