How Tension With Russia & China Is Pushing Europe To Do More Business With India
(MENAFN- Trend News Agency)
The European Union (EU) is now looking to do more business with
India by way of greater investments in Europe as tension with
Russia over the Ukraine war and geopolitical concerns with China
pose massive challenges to the bloc and the world at large,
Trend reports
citing The Print.
With the EU imposing stringent actions on Russia, Brussels is
now putting its focus back on India by trying to expedite the long
pending free trade agreement with New Delhi as well as a separate
investment pact, negotiations for which will be launched soon.
In addition, EU's growing tensions with China is forcing
European companies to look for other destinations to open their
shops and it believes India can play a critical role in that.
“We don't want to solely depend on China for manufacturing
products. So, there is strong support from the government to bring
some production back to the EU, and there are plans (that are being
designed). But we know that there will be costs. We cannot bring
everything into Europe and that's where India comes into the
picture,” French ambassador Emmanuel Lenain said at a business
interaction.“We know that in the next two decades at least, we
won't experience that kind of uncertainty and discomfort that we
have with China.”
In April, EU chief Ursula von der Leyen had arrived in the
country for a two-day visit to bolster strategic partnership with
India. Trade in goods and services between the two sides stood at
Euro 96 billion in 2020. Though the EU is India's third largest
trading partner and second largest export destination, von der
Leyen had asserted that there remained a 'lot of untapped
potential' for the two partners.
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