PM Narendra Modi at the 15th India-EU (virtual) summit. (Screen grab)
In the backdrop of border tensions with China in Ladakh, Prime Minister Narendra Modi on Wednesday said the partnership between India and the European Union was significant for peace and stability of the world and this reality “has become even more clear in the global situation today”.
Speaking at the India-EU virtual summit in the presence of European Council president Charles Michel and European Commission president Ursula von der Leyen, PM Modi highlighted long-term challenges like climate change and stressed the use of renewable energy.
“Apart from current challenges, long-term challenges like climate change also a priority for India and the EU. In our efforts to increase the use of renewable energy in India, we invite investment and technology from Europe,” PM Modi said at the 15th India-EU (virtual) summit.
Asserting that India and EU were “natural partners”, PM Modi said they could play an important role in economic reconstruction and in building human-centric globalisation.
“India, EU share universal values like democracy, pluralism, inclusivity, multilateralism, freedom and transparency. We should go for action-oriented agenda to expand ties and it can be implemented within stipulated time frame,” PM Modi further said.
India and the European Union have also finalised a framework agreement on cooperation in the civil nuclear sector. In the summit, the two sides unveiled a five-year roadmap to further broad base ties, launch separate dialogue on maritime security and for boosting trade and investment.
The 27-nation EU is a strategically important region for India. The EU as a whole was India’s largest trading partner in 2018. India’s bilateral trade with the EU in 2018-19 stood at $115.6 billion with exports valued at $57.17 billion and imports worth $58.42 billion.