India, Ecuador discuss roadmap for Preferential Trade Arrangement
India and Ecuador have started discussing a roadmap for a Preferential Trade Agreement (PTA) between the two countries.
Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen today agreed to launch an India-EU Trade and Technology Council at their meeting in New Delhi.
This strategic coordination mechanism will allow both partners to tackle challenges at the nexus of trade, trusted technology and security, and thus deepen cooperation in these fields between India and the EU.
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Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement. The Trade and Technology Council will provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in areas that are important for the sustainable progress of European and Indian economies.
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”Even as we celebrate the 60th anniversary of the establishment of diplomatic relations, we are confident that the shared values and common interests of the EU and India offer a strong basis to intensify mutually beneficial and deeper strategic cooperation,” a statement from the European Union (EU) said.
The EU and India are bound by decades of close partnership and are determined to increase joint efforts to tackle current challenges and address geopolitical circumstances.
The decision to set up a Trade and Technology Council will be the first for India with any of its partners and the second for the EU following the first one it has set up with the US.
Establishing the Trade and Technology Council is a key step towards a strengthened strategic partnership for the benefit of all peoples in India and the EU, the release added.
In his opening remarks at the meeting, Modi expressed confidence that the two sides would take their relationship to new heights in the coming years. On her part, the EU official noted that India and the EU have a lot in common as vibrant democracies.
”PM@narendramodi held talks with @EU_Commission President @vonderleyen in New Delhi today. They reviewed progress in the vibrant India-EU Strategic Partnership & agreed to deepen cooperation in areas of trade, climate, digital technology and people-to-people ties,” Ministry of External Affairs (MEA) spokesperson Arindam Bagchi tweeted.
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