Europe and India plan deeper economic cooperation
The European Union and India agreed to seek closer cooperation at a virtual summit over the weekend. Previous talks had stalled over differences including tariff reductions and data security. But China’s growing economic strength has brought the world’s two biggest democracies back to the negotiation table. India is the EU’s 10th biggest trading partner. Last year, some 65 billion euros worth of goods and services were exchanged – with the EU importing more than it exports. Home to some 1.4 billion people, India is a huge market for the EU, whose population is only a fraction of that size ((448 m)). The PACE of growth differs, too. Next year, India’s economy is expected to expand by almost 6.9% percent. That’s compared to just under 3.9% percent for the EU. The EU is hoping for improved market access, especially for its car industry. The question is, will India soften its protectionist stance?