India-EU launched “Connectivity Partnership”

On May 8, 2021, Prime Minister Narendra Modi participated in the India-EU Leaders’ Meeting at the invitation of the President of the European Council Charles Michel.

  • The meeting was held in a hybrid format with the participation of leaders of all the 27 EU Member States as well as the President of the European Council and the European Commission.
  • This is the first time that the EU hosted a meeting with India in the EU27 format.
  • During the meeting, the leaders expressed their desire to further strengthen the India-EU Strategic Partnership based on a shared commitment to democracy, fundamental freedoms, rule of law and multilateralism.
  • Both India & EU have decided to resume negotiations for balanced and comprehensive free trade and investment agreement.

Connectivity Partnership

  • The leaders launched an ambitious and comprehensive ‘Connectivity Partnership’ which is focused on enhancing digital, energy, transport and people-to-people connectivity.
  • The Partnership is based on the shared principles of social, economic, fiscal, climate and environmental sustainability, and respect for international law and commitments.
  • The Partnership will catalyse private and public financing for connectivity projects. It will also foster new synergies for supporting connectivity initiatives in third countries, including in the Indo-Pacific.

India-EU Business Roundtable

  • An India-EU Business Roundtable was organised to highlight the avenues for cooperation in climate, digital and healthcare.
  • A finance contract of 150 million Euro for the Pune Metro Rail Project was signed by the Finance Ministry, and the European Investment Bank.

(AIR)

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