Eu India Strategic Partnership Agreement

Written by | 14/07/2023

The EU-India Strategic Partnership Agreement: What You Need to Know

The European Union and India have a long-standing relationship that dates back to the 1960s. In recent years, the two sides have been working to strengthen their cooperation in various areas, including trade, security, and climate change. This cooperation was formalized in 2004 with the signing of a Strategic Partnership Agreement. In 2021, the two sides announced the renewal of this agreement, which will set the stage for a deeper and more meaningful partnership in the years to come.

What is the EU-India Strategic Partnership Agreement?

The EU-India Strategic Partnership Agreement is a comprehensive framework that guides the relationship between the European Union and India. It covers a wide range of issues, including trade and investment, political dialogue and security, and cooperation in areas such as energy, research and innovation, and people-to-people contacts.

The agreement was first signed in 2004 and has been renewed twice since then, in 2008 and 2012. The latest renewal was announced in May 2021, during the virtual summit between the EU and India. The new agreement is expected to be finalized soon and will provide a fresh impetus to the strategic partnership between the two sides.

What are the key components of the agreement?

The EU-India Strategic Partnership Agreement covers a wide range of issues. Here are some of the key components of the agreement:

Trade and investment: The agreement aims to deepen the economic partnership between the EU and India through the elimination of tariffs and non-tariff barriers, the promotion of investment, and the facilitation of trade in services. The two sides have set a target of doubling their trade in goods by 2025.

Political dialogue and security: The agreement envisages a regular dialogue between the EU and India on political and security issues of mutual concern. The two sides will also work together to combat terrorism, organized crime, and cyber threats.

Cooperation in energy and environment: The EU and India will cooperate on the transition to clean and renewable energy, the reduction of greenhouse gas emissions, and the conservation of biodiversity. The two sides will also work together to address the challenges posed by climate change.

Cooperation in research, innovation, and education: The agreement envisages enhanced cooperation between the EU and India in the fields of science, technology, and innovation. The two sides will also work together to promote cultural exchange and people-to-people contacts.

What are the benefits of the agreement?

The renewal of the EU-India Strategic Partnership Agreement is expected to bring a number of benefits to both sides. Here are some of the key benefits:

Strengthened economic ties: The elimination of tariffs and non-tariff barriers and the promotion of investment are expected to boost trade and investment between the EU and India, creating new opportunities for businesses and consumers on both sides.

Enhanced political dialogue and security cooperation: Regular dialogue on political and security issues will help to deepen mutual understanding and trust between the EU and India. Cooperation on counterterrorism and cyber threats will help to enhance security for both sides.

Greater cooperation on energy and environment: The transition to clean and renewable energy and the reduction of greenhouse gas emissions are critical to tackling the global challenge of climate change. Cooperation on these issues will help to create a more sustainable future for both the EU and India.

Increased cooperation on research and innovation: Collaboration on science, technology, and innovation will help to drive economic growth and create new opportunities for people on both sides of the partnership.

Conclusion

The EU-India Strategic Partnership Agreement is a comprehensive framework that sets the stage for a deeper and more meaningful partnership between the European Union and India. The renewal of the agreement in 2021 is expected to bring a range of benefits to both sides, from strengthened economic ties to enhanced cooperation on political and security issues. As the world continues to face a range of challenges, including the ongoing COVID-19 pandemic and the threat of climate change, the strategic partnership between the EU and India is more important than ever.