Sakshi Education
I. Introduction:
1. The Reasons Behind Indo-EU Strategic Partnership:
The following are the main reasons behind the Indo-EU strategic partnership, according to the President of the European Commission, Jose Manuel Borroso:
A. Shared Fundamental Values:
Commitment to Freedom and Democracy:
India and the EU share a common commitment to freedom and democracy, and to independent, free, and vibrant media.
Respect for Human Rights:
Both sides strongly committed to ensuring respect for human rights and rule of law.
Promote Unity in Diversity:
Both view religious, ethnic and social diversity as a strength, and promote unity in diversity, through tolerance and solidarity.
Shared Strategic Interest:
In order to ensure effective multilateralism and meet global challenges, both sides share a strategic interest to join forces as natural allies.
B. Economic Ties - The Core of the Relationship:
Bilateral Trade and Investment Below Potential:
Economic ties form the core of Indo-EU relations. However, trade and investment volumes, despite the impressive growth rates recorded over the past decade, remain well below potential.
Closer Economic Cooperation Essential to Face Growing Competitive Challenges:
In order to reap the potential benefits of more trade and investment between the two sides and to improve their economies' ability to face growing competitive challenges brought about by globalisation, closer economic cooperation is essential.
C. India and EU Important Regional Players:
EU Seeks to Promote Peace and Stability Beyond Its Borders:
The EU has expanded from six to 25 members and is expected to expand further. It seeks to promote peace, stability and prosperity beyond its borders.
India - A Major Force of Stability in South Asia and Beyond:
India, the largest democracy in the world is a major force for stability in South Asia and beyond.
Both Sides Emerging Global Powers:
Both EU and India are emerging as major political powers on the global stage.
2. Importance of E.U. to India:
EU India’s Largest Trading Partner:
The EU is not only India’s largest trading partner but also the largest source of foreign direct investment, according to India’s Prime Minister. However, India accounts for only 1.5 per cent of the EU’s external trade and hence there is vast potential for Indo-EU trade and investment to grow.
Source of Technology and Home to a Large Indian Diaspora:
It is also an important source of technology and home to a large and influential Indian diaspora.
Relation Based on Share Values:
Prime Minister Manmohan Singh stressed that India and the EU are natural partners and their relationship is based on shared values - democracy, pluralism, rule of law, free press and independent judiciary.
Broad-Based Engagement:
Indo-EU partnership has evolved over the years from economic development and cooperation to broad-based engagement on a wide range of issues - globalisation, terrorism, proliferation, energy and environment, according to Dr. Manmohan Singh.
Need for improving Multipolarity:
India’s relations with the EU are a matter of high priority because of the need for promoting multipolarity, according to analysts.
II. Eighth Indo-EU Annual Summit (New Delhi, November 30, 2007):
1. India Represented by the Prime Minister and Other Ministers:
The eighth Indo-EU annual summit was held in New Delhi in November 2007. India was represented by Prime Minister Manmohan Singh, External Affairs Minister Pranab Mukherjee, Commerce Minister Kamal Nath and National Security Adviser M.K. Narayanan.
2. EU Represented by President of the EU Council and Others:
The European Union (EU) was represented by the Portuguese Prime Minister Jose Socrates as the President of the EU Council, European Commission President Jose Manuel Barroso, European Commissioner for Trade Peter Mandelson and Portuguese Minister of State for Foreign Affairs and Cooperation Joao Gomes Cravinho.
3. Indo-EU Bilateral Trade and Investment Agreement to be Ready by the Next Summit:
Prime Minister Manmohan Singh said that both sides are negotiating over a broad-based Indo-EU trade and investment agreement which could be in place by the next summit. Both sides want to recognise that the agreement must be ambitious and more broad based, according to the EU Council President, Jose Socrates.
4. MoU on the "Country Strategy Paper for India for 2007-2010" Signed:
India and the EU signed a Memorandum of Understanding (MoU) on the "Country Strategy Paper for India for 2007-2010", which will support India's efforts to achieve the Millennium Development Goals and implement the Indo-EU Joint Action Plan. It has a total budget of 260 million euros.
5. Joint Statement:
Reaffirmed Commitment to Successful Outcome of the Doha Development Agenda Multilateral Trade Negotiations:
The Joint Statement issued at the end of the one-day Summit reaffirmed the commitment of both sides to a successful and timely outcome of the Doha Development Agenda (DDA) multilateral trade negotiations of the World Trade Organisation (WTO), which remained the foremost trade policy priority for the two sides.
Climate Change - India and EU Agreed Broadly on the Goals of the UN Conference on Climate Change:
Both sides stressed on the importance of UN Conference on Climate Change which was to be held in Bali in December 2007 and broadly agreed with its goals. However, India and the EU differed on the role of the developing countries in reducing carbon emissions.
India's Neighbourhood - Expressed Hope that Pakistan Would Return to Stability and Democracy:
Indian and EU expressed hope that Pakistan would soon return to stability and democracy. The situation in Sri Lanka, Nepal, Bangladesh, Myanmar and Afghanistan was also discussed.
West Asia Peace Process, Nuclear Proliferation, UN Reforms and Trade were also dealt by the Joint Statement.
6. Significance of the Eighth Indo-US Summit:
Summit Reaffirmed to the Common Foundations of Pluralism and Democracy:
Analysts point out that the eighth Indo-US annual Summit was devoted mainly to the reaffirmation of the common foundations of pluralism, democracy, respect for human rights, and multilateralism.
The Indo-EU Bilateral Trade and Investment Agreement could be Clinched by End of 2008:
A significant outcome of the eighth annual summit was a note of optimism that the Indo-US bilateral trade and investment agreement could be clinched by end of 2008. The EU wants firm commitments on simplification of regulatory procedures, intellectual property protection, and public procurement in addition to import tariff reductions. India, on the other hand, wants foreign direct investments from the EU to be stepped up and progress in facilitating the movement of natural persons
Published date : 24 Oct 2009 01:44PM
