India’s Six Broad Principles for Strengthening Trade and Investment with the European Union (EU)

India’s Six Broad Principles for Strengthening Trade and Investment with the European Union (EU)

Outlined by the Minister of Commerce and Industry, these principles aim to foster a mutually beneficial partnership between India and the European Union.

The Six Broad Principles:

1. Emphasize shared values of democracy, the rule of law, and an independent judiciary.
2. Develop a commercially meaningful, fair, and equitable trade agenda that addresses existing trade barriers.
3. Exchange best practices and harmonize standards to achieve zero-defect, zero-effect production capabilities.
4. Foster the development of cutting-edge technologies, secure critical raw material supply chains, and build resilient supply chains.
5. Promote cooperation in trade and sustainable development in alignment with the principle of Common But Differentiated Responsibility.
6. Strengthen the partnership for mutual growth and development.

Significance of the EU for India:

• Concerns Regarding China: Issues such as China’s global expansion through the Belt and Road Initiative, military activities in Asia, and misuse of the multilateral trading system.
• Economic De-risking: India faces a growing trade deficit with China and remains heavily dependent on it for strategically important inputs.
• Critical and Emerging Technologies: The EU offers attractive capabilities in emerging areas such as Cyber, Space, Quantum Technology, and Synthetic Biology.

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