India, Germany Stress Importance of Completing EU Trade Pact Talks
India and Germany stressed the importance of an EU trade pact and agreed to work together to bridge remaining differences
Indian Prime Minister Narendra Modi and German Chancellor Olaf Scholz called for an end to the dragged-out negotiations for a trade agreement between India and the European Union.
“We agreed that the EU-India trade agreement is important and we will work together to address the remaining issues,” Scholz told reporters after a meeting with Modi in New Delhi.
The two leaders also discussed the ongoing war in Ukraine and its impact on the global economy
“We agreed that the war in Ukraine is a major setback for the global order and that we need to work together to address its consequences,” Scholz said.
Modi said that India is committed to working with Germany and other partners to address global challenges
“We are ready to work with Germany and other like-minded countries to address global challenges, including climate change, terrorism and extremism,” Modi said.
Scholz’s visit to India is part of a two-day trip to the country
During his visit, Scholz also met with Indian President Droupadi Murmu and External Affairs Minister S. Jaishankar.
The EU-India trade agreement has been under negotiation since 2007
The two sides have held several rounds of talks, but have yet to reach an agreement.
The main sticking points in the negotiations are market access, intellectual property rights and data protection
The EU wants India to open up its market to European goods and services, while India wants the EU to reduce tariffs on Indian exports.
Both sides are also discussing India’s concerns about intellectual property rights and data protection
The EU wants India to strengthen its intellectual property rights regime, while India is concerned about the potential impact of EU data protection regulations on its digital economy.
Despite the challenges, both sides are committed to reaching an agreement
The EU is India’s largest trading partner, and India is the EU’s eighth largest trading partner.
A trade agreement would boost trade and investment between the two sides
It would also help to strengthen the strategic partnership between India and the EU.
