India and the European Union hope to strengthen ties with each other with the launch of a joint trade and technology council, according to an announcement from the European Commission Monday (April 25).
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” European Commission President Ursula von der Leyen said in a statement.
As Bloomberg reported, citing someone familiar with the discussions, the agreement is part of a larger plan by the EU to accelerate trade talks with India in hopes of giving the country an alternative to trading with Russia.
On Monday, Von der Leyen and Indian Prime Minister Narendra Modi reviewed the progress in their partnership, including relaunching negotiations on a free-trade agreement and investment accord, the Indian government said.
India, the world’s second most populous country, is a major commercial and strategic partner the European Union. The EU is its third largest trading partner and second largest buyer of Indian exports. India’s growing economy continues to have plenty of untapped potential for international investment and cooperation.
Read More: Identifying the Bottom Line: What Guides the Imposition of Antitrust Penalties in India?
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