India-EU ties vital for peace and stability of world in view of current world state of affairs: PM Modi

By: Express Web Desk | New Delhi |

Updated: July 15, 2020 5:37:22 pm

PM Narendra Modi on the 15th India-EU (digital) summit. (Screen seize)

In the backdrop of border tensions with China in Ladakh, Prime Minister Narendra Modi on Wednesday mentioned the partnership between India and the European Union was vital for peace and stability of the world and this actuality “has grow to be much more clear within the world state of affairs at the moment”.

Speaking at the India-EU virtual summit within the presence of European Council president Charles Michel and European Commission president Ursula von der Leyen, PM Modi highlighted long-term challenges like local weather change and careworn using renewable power.

“Apart from present challenges, long-term challenges like local weather change additionally a precedence for India and the EU. In our efforts to extend using renewable power in India, we invite funding and expertise from Europe,” PM Modi mentioned on the 15th India-EU (digital) summit.

Asserting that India and EU have been “pure companions”, PM Modi mentioned they might play an essential position in financial reconstruction and in constructing human-centric globalisation.

“India, EU share common values like democracy, pluralism, inclusivity, multilateralism, freedom and transparency. We ought to go for action-oriented agenda to increase ties and it may be carried out inside stipulated timeframe,” PM Modi additional mentioned.

India and the European Union have additionally finalised a framework settlement on cooperation within the civil nuclear sector. In the summit, the 2 sides unveiled a five-year roadmap to additional broad base ties, launch separate dialogue on maritime safety and for enhancing commerce and funding.

The 27-nation EU is a strategically essential area for India. The EU as an entire was India’s largest buying and selling associate in 2018. India’s bilateral commerce with the EU in 2018-19 stood at $115.6 billion with exports valued at $57.17 billion and imports price $58.42 billion.

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