NEW DELHI, 10 May 2021, (TON): Indian the External Affairs Ministry confirmed on Saturday that India and the European Union have agreed to resume talks for a balanced, ambitious and comprehensive Free Trade Agreement (FTA) and also launch negotiations for a stand-alone investment protection pact.

These decisions were taken during a virtual summit between Prime Minister Narendra Modi and the heads of state or government of all the 27-member states of the bloc with a focus on expanding overall cooperation in areas of trade, investment and connectivity. The two sides also launched a sustainable and comprehensive connectivity partnership including COVID-19 pandemic and healthcare cooperation.

The India-EU leaders’ meeting hosted by Prime Minister of Portugal Antonio Costa. Portugal currently holds the Presidency of the Council of the European Union, however, meeting but it was called off in view of the coronavirus crisis and both sides decided to hold it virtually. Meanwhile, Charles Michel, President of the European Council tweeted, “We are opening a new chapter in #EUIndia strategic partnership at the meeting of EU Leaders with PM @narendramodi.”

The EU and India also agreed to build joint infrastructure projects around the world, notably in Africa, to be described as a connectivity partnership. The deal follows on from an accord between the EU and Japan in 2019, seeking an alternative to Chinese largesse known as the Belt and Road Initiative (BRI) that raised suspicion in the West and Tokyo.