European Union (EU) decided to resume talks on a free trade agreement (FTA) with India for strengthening two-way trade and investment
Countries also discuss how cooperate sector can fight against terrorism and ended with both sides three agreements including: European Commission and the Science and Engineering Research Board (SERB); finance contract of Bangalore Metro Rail Project Phase-2-Line R6 for 300 million euros, of the total European Investment Bank (EIB) loan; and a joint declaration between the interim secretariat of the International Solar Alliance (ISA) and the EIB.
After FTA Donald Tusk (European Council president) Jean-Claude Juncker (European Commission president) and Prime Minister Narendra Modi address to media and taken a kind of oath “We agreed on fighting against terrorism together and increasing cooperation towards it. Both sides agreed to cooperate on global issues and work together on climate change” and ended 14th India-EU summit
Tusk and Juncker said “Our multi-dimensional relations and strategic partnership are of prime importance,” and both sides relationship had been reinforced the 13th India-EU Summit at Brussels last year.
While expressing happiness that the European Investment Bank would help member countries of the India-initiated ISA to implement solar energy projects, he stated that the EU continues to be India’s largest trading partner, as the 28-nation bloc was also one of the largest investors in India.
Juncker said, India is like a minded partner, Tusk said India and the EU were two of the world’s largest democracies and both are agree to develop the political dimension of the relationship.
“We are happy to adopt joint declaration on counter-terrorism to deal effectively with the threat posed by foreign terrorist fighters, terror financing and arms supply arms supply,” Tusk said. “We agreed to cooperate in security in the Indian Ocean region and beyond.”
Tusk stressed that a free trade agreement between India and the EU was of importance, and Juncker pointed out that the EU was India’s largest trading partner, accounting for 13% of India’s overall trade. Stating that it was time for a free trade agreement, he said talks on this would resume once conditions were met.
The European Investment Bank will provide 500 million euros to support the infrastructural construction of a new, 18-station rapid transit line for the Bangalore Metro.