Brain Booster for UPSC & State PCS Examination (Topic: India-EU Leaders Meeting)

Current Affairs Brain Booster for UPSC & State PCS Examination

Topic: India-EU Leaders’ Meeting

COVID-19 and Impact on Urban and Rural Poor

Why in News?

Prime Minister of India has participated in the India-European Union (EU) Leaders’ Meeting on 8th May 2021.

Introduction

The Meeting was hosted by Prime Minister of Portugal, Mr. António Costa. Portugal currently holds the Presidency of the Council of the EU.
The meeting was held in a hybrid format with the participation of leaders of all the 27 EU Member States.
This is the first time that the EU hosted a meeting with India in the EU+27 format.
The EU+27 have met in this format only once before, with the US President in March this year.

Key Highlights of the Meeting

During the meeting, the leaders expressed their desire to further strengthen the India-EU Strategic Partnership based on a shared commitment to democracy, fundamental freedoms, rule of law and multilateralism.
They exchanged views on three key thematic areas:

foreign policy and security;

COVID-19, climate and environment; and iii) trade, connectivity and technology.

The leaders welcomed the decision to resume negotiations for balanced and comprehensive free trade and investment agreements.
India and the EU also announced dedicated dialogues on WTO issues, regulatory cooperation, market access issues and supply chain resilience, demonstrating the desire to deepen and further diversify economic engagement.
India and the EU launched an ambitious and comprehensive ‘Connectivity Partnership’ which is focused on enhancing digital, energy, transport and people-topeople connectivity.
The Partnership is based on the shared principles of social, economic, fiscal, climate and environmental sustainability, and respect for international law and commitments.
The Partnership will catalyse private and public financing for connectivity projects. It will also foster new synergies for supporting connectivity initiatives in third countries, including in the Indo-Pacific.
India and the EU leaders reiterated their commitment to achieving the goals of the Paris Agreement and agreed to strengthen joint efforts for mitigation, adaptation and resilience to the impacts of climate change, as well as providing means of implementation including finance in the context of COP26.
India welcomed the EU’s decision to join Coalition for Disaster Resilient Infrastructure (CDRI).
India and the EU also agreed to enhance bilateral cooperation on digital and emerging technologies such as 5G, Artificial Intelligence (AI), Quantum and High-Performance Computing including through the early operationalization of the Joint Task Force on AI and the Digital Investment Forum.
The leaders acknowledged the importance of a free, open, inclusive and rules-based Indo-Pacific and agreed to closely engage in the region, including in the context of India’s Indo-Pacific Ocean’s Initiative and the EU’s new strategy on the Indo-Pacific.
A finance contract of Euro 150 million for the Pune Metro Rail Project was signed by the Ministry of Finance, Government of India, and European Investment Bank.
India-EU Leaders Meeting has set a significant milestone by providing a new direction to the Strategic Partnership and giving a fresh impetus for implementing the ambitious India-EU Roadmap 2025 adopted at the 15th India-EU Summit held in July 2020.

About European Union

The European Union is a unique economic and political union between 27 EU countries that together cover much of the continent.
In 2012, the EU was awarded the Nobel Peace Prize for advancing the causes of peace, reconciliation, democracy and human rights in Europe.
On 31 January 2020 the United Kingdom left the European Union.