<\/p>\n
News<\/span><\/b>: Recently, the <\/span>British Prime Minister <\/span><\/b>Boris Johnson\u2019s visited India. Further, the president of the European Commission is scheduled to visit India in the coming days. Therefore, India-EU relations become the centre of debate<\/span>\u00a0<\/span><\/p>\n The EU comprises a <\/span>mammoth bureaucracy<\/span><\/b>. It is highly complex. Therefore, it is more difficult to conclude an agreement<\/span>\u00a0<\/span><\/p>\n The biggest hurdle to a <\/span>deeper economic relationship<\/span><\/b> has consistently been <\/span>regulatory divergences. <\/span><\/b>Both the EU and India have taken its decisions in different administrative silos.<\/span>\u00a0<\/span><\/p>\n There are other <\/span>differences<\/span><\/b> on multiple <\/span>regulatory<\/span><\/b> and <\/span>economic fronts<\/span><\/b>. For example, differences from digital regulation to intellectual property to phytosanitary requirements<\/span>\u00a0<\/span><\/p>\n At present, there is a lack of<\/span> institutional basis<\/span><\/b> for EU-India co-operation. This derails the <\/span>regulatory convergence<\/span><\/b> and <\/span>economic integration<\/span><\/b> between India and the EU.\u00a0<\/span>\u00a0<\/span><\/p>\n India\u2019 trade negotiations face challenges from multiple quarters like <\/span>lobbies<\/span><\/b> and <\/span>class interests.<\/span><\/b> For example, the legal services firms in India do not want to have <\/span>foreign competition.<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n India\u2019s primary concern is market access for <\/span>labour-intensive sectors<\/span><\/b> and favourable investment conditions.<\/span>\u00a0<\/span><\/p>\n In the <\/span>post-Brexit era,<\/span><\/b> the European Union (EU) might be more vital for Indian economic interests. The United States seems to be more inward-looking.<\/span>\u00a0<\/span><\/p>\n India aims to enhance its <\/span>trade engagement<\/span><\/b> with the world. India has recently signed a free trade deal with Australia. India-Britain also wishes to conclude free trade agreement by the end of 2022. The trade deal with the EU is also in pipeline<\/span>\u00a0<\/span><\/p>\n India needs investment for the government\u2019s aspirational <\/span>National Infrastructure Pipeline<\/span><\/b> etc. The public funds in India are not sufficient to build infrastructure necessary to make the Indian economy <\/span>environmentally sustainable, globally integrated<\/span><\/b>, and <\/span>competitive<\/span><\/b>. Europe is the world\u2019s major reserve of <\/span>institutional capital<\/span><\/b>, and if India is to address its <\/span>investment deficit<\/span><\/b>, then convergence between the two economies is vital.\u00a0<\/span>\u00a0<\/span><\/p>\n The EU needs India to partner with the EU on <\/span>climate action<\/span><\/b> and on <\/span>Indo-Pacific connectivity<\/span><\/b>. Fortunately, these desires are also very much in India\u2019s interest.<\/span>\u00a0<\/span><\/p>\n The EU is a <\/span>regulatory superpower<\/span><\/b>. It was the first mover on <\/span>data privacy<\/span><\/b> and on corralling the revenues from Big Tech. It can be beneficial for India in improving regulatory regime<\/span>\u00a0<\/span><\/p>\n The EU will be influential for catalysing <\/span>green finance<\/span><\/b>. It can play a role in regulating <\/span>new technological frontiers<\/span><\/b> in sectors like energy.\u00a0<\/span>\u00a0<\/span><\/p>\n An <\/span>India-EU Trade and Technology Council<\/span><\/b> could thus fill a long-identified gap. It will be on the line of a <\/span>new \u201c<\/span>trade and technology council\u201d <\/span><\/b>established by the EU and the US to coordinate approaches to key global trade and technology issues\u201d.<\/span><\/p>\n Source:<\/span><\/b> The post is based on an article \u201cA new indispensable power<\/strong>\u201d published in the Business Standard<\/strong> on 24<\/strong><\/span>th<\/strong> April 2022<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" News: Recently, the British Prime Minister Boris Johnson\u2019s visited India. Further, the president of the European Commission is scheduled to visit India in the coming days. Therefore, India-EU relations become the centre of debate\u00a0 What are the various challenges for India to increase its integration with the EU? The EU comprises a mammoth bureaucracy. It… Continue reading A new indispensable power\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,212],"class_list":["post-181140","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704852355},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/181140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=181140"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/181140\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=181140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=181140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=181140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What are the various challenges for India to increase its integration with the EU?<\/span><\/b><\/h5>\n
What is the importance of the European Union wrt India’s interest and vice-versa? <\/span><\/b>\u00a0<\/span><\/h5>\n
The Way Forward<\/span><\/b>\u00a0<\/span><\/h5>\n