India, EU agree to combat terror, talk on free trade

India, EU agree to combat terror, talk on free trade

India, EU agree to combat terror, talk on free trade

"Today's Summit is an important step in the right direction and our chief negotiators will sit down in the next coming days to chart a way forward". EU-India FTA talks had started a decade ago.

Modi said that during the summit, the leaders have agreed to strengthen security cooperation and work together against terrorism.

Both India and the European Union also expressed deep concern at the recent spate of violence in Myanmar's Rakhine state that has triggered the outflow of hundreds of thousands of Rohingya people into neighbouring Bangladesh.

"We will not only further strengthen our bilateral cooperation on this issue, but will also increase our cooperation and coordination in multilateral fora", said he.

The two sides also signed three pacts, including one on an global solar alliance. However, they have repeatedly failed to reach an agreement on the deal, facing significant spats on such issues as intellectual property rights, and duty cuts in automobile and alcohol production. It is also learnt that while the EU is keen on finalisation of an India-EU Bilateral Investment Treaty (BIT) before the re-launch of the FTA talks, India wants to make "investment protection" a part of the negotiations on the proposed comprehensive FTA. Many of these services - and the jobs that go with them - depend on the exchange of data.

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The European Union is India's largest trading partner and India the EU's 9th, with the total value of EU-India trade in goods standing at €77 billion in 2016 and trade in services worth €28.4 billion. "This is a precondition to exchange personal data surely and securely", he said-an allusion to Europe demanding a firm assurance from the Indian government that any data accessed by Indian firms would be secure and not exposed in public.

Ministry of External Affairs spokesperson Raveesh Kumar said that India received around Dollars 83 billion of foreign direct investment from Europe during 2000-17, which constitutes approximately 24 per cent of total FDI inflows into the country during the period. Our multi-dimensional relation and strategic partnership is of prime importance: "PM Modi at India-EU joint statement", he added. If India's standards of data protection are converging with those of the European Union, the EU will be in a position to recognise the adequacy of India's rules.

"We agreed on fighting terrorism together and increasing cooperation towards it", he said.

Talking about data protection, Juncker said "Indian companies providing IT services to many European companies, numerous services they provide involve exchange of personal data, the black gold of 21st century".

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