By Sridhar Kumaraswami
Copyright deccanchronicle
New Delhi: The European Union on Wednesday announced a new strategic agenda with India to “take bilateral ties to the next level” and ink a free trade agreement (FTA) by the end of the year. The announcement comes at a time when the US has been persuading the EU to impose steep tariffs on India for buying Russian oil. But the EU has instead decided to “invest in a common future with India”.A joint communication released by the EU identified “significant untapped potential in trade and investment, outlining strategies to strengthen commercial ties, particularly finalising the ongoing negotiations on an FTA, and proposes reinforcing supply chains.The EU also looks to strengthen defence ties with India, with the two sides “launching negotiations for a security of information agreement to facilitate classified information exchange that will support closer security and defence cooperation”. On the security and defence ties, the EU said, “The joint communication takes forward the proposed EU-India security and defence partnership. This will enhance strategic consultations and joint initiatives, including on crisis management, maritime security, cyber defence and counterterrorism, and foster defence industrial cooperation, focusing on boosting production and technological capabilities, securing supply chains, and driving innovation.” “Closer cooperation on the Indo-Pacific, addressing hybrid threats, space security, and intensifying engagement on Russia’s war against Ukraine, shadow fleets, and sanctions are other areas of focus,” the EU said. European Commission (EC) President Ursula von der Leyen said, “Now is the time to focus on reliable partners and double down on partnerships rooted in shared interests and guided by common values. With our new EU–India strategy, we are taking our relationship to the next l e v e l “Advancing trade, investment and talent mobility. Strengthening our joint economic security. Advancing the clean transition and driving innovation together.
