50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

EU chief to seek closer military, trade and tech ties on India visit

Published 04/24/2022, 03:21 PM
Updated 04/24/2022, 03:25 PM
© Reuters. President of the European Commission Ursula von der Leyen walks after giving a speech during a National and European Day in Tribute to Victims of Terrorism ceremony at the Grand Trianon estate, in Versailles, France, March 11, 2022. Emmanuel Dunand/Pool v

BRUSSELS (Reuters) - The European Union's chief executive will seek to increase sales of European military equipment to India and relaunch talks on a free trade deal when she meets India's prime minister in New Delhi on Monday, a senior EU official said.

European Commission President Ursula von der Leyen's visit is part of Western efforts to encourage India to reduce its ties to Russia after Moscow's invasion of Ukraine, and follows a trip last week by British Prime Minister Boris Johnson.

"There are a whole host of Western leaders reaching out to India right now to see what alternatives we can provide," the senior EU official said. "The key is that we want to bring forward this relationship, work on technology together and bring India into our camp, that's the main message of our visit," the official said.

Von der Leyen arrived in India on Sunday for a two-day official visit, her first as president of European Commission.

India has not explicitly condemned the Feb. 24 invasion by Russia, its biggest supplier of military hardware.

Von der Leyen aims to agree with India's premier, Narendra Modi, to set up a new trade and technology council similar to an EU-U.S. model, which could discuss digital privacy, regulation of technology companies and social media platform supervision, the senior EU official said.

The EU and India will also likely agree to relaunch free trade talks, which were frozen in 2013 over differences including tariff reductions and patent protection, and have not moved forward significantly since an EU-India virtual summit in May 2021.

India, the world's second-most populous country with nearly 1.4 billion people, is seen by the EU as a crucial ally to help manage China's rise from a benign trading partner to a rival power with a growing military presence.

© Reuters. President of the European Commission Ursula von der Leyen walks after giving a speech during a National and European Day in Tribute to Victims of Terrorism ceremony at the Grand Trianon estate, in Versailles, France, March 11, 2022. Emmanuel Dunand/Pool via REUTERS

A 2020 study by the European Parliament put the benefits of a trade deal for the EU with India at up to 8.5 billion euros ($9.17 billion), although the estimate was made before Britain's departure from the bloc.

($1 = 0.9264 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.