Amid the US administration's move to impose further tariffs on Russia and its partners like India, over its oil and defence trade, the European Union on Wednesday called India a reliable partner, and announced a strategic agenda to ramp up India-EU ties.
Unveiling its new strategic agenda, the EU on Wednesday announced it will further expand ties with India in areas like defence, trade and energy, and will work together to "tackle major global challenges".
Announcing the new move, European Commission President Ursula von der Leyen said, "Now is the time to focus on reliable partners and double down on partnerships rooted in shared interests and guided by common values. With our new EU-India strategy, we are taking our relationship to the next level."
The European Union noted that a close partnership with India is increasingly becoming vital in the wake of shifting geopolitical realities.
In a statement, it said, "The 'New Strategic EU-India Agenda' marks a significant milestone in relations between the two sides as it aims to 'deepen, broaden, and better coordinate' bilateral cooperation, enhance prosperity and security for both partners and help tackle major global challenges."
According to Leyen, the European Union aims to advance its trade and investment ties with India and deepen industrial cooperation in the defence sector.
"Europe is already India's biggest trading partner and we are committed to finalising our Free Trade Agreement by the end of the year. Europe is open for business. And we are ready to invest in our shared future with India," Leyen said.
"Beyond the bilateral dimension, the new strategic agenda highlights EU-India joint engagement on global issues and with third partners, reflecting India's growing global influence," Leyen said.
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European Union's strategic agenda comes as US President Trump and his administration is pushing Europe to impose further tariffs on India for purchasing oil and defence equipment from Russia amid its conflict with Ukraine. Recently, Trump endorsed a 100 per cent tariff on India. According to Trump, India is fueling Ukraine conflict by trading with Russia.
The new strategic agenda will have to be ratified by all 27-member nations of the EU. After the ratification process, it will be adopted at the India-EU summit that is expected to be held in the first quarter of next year, PTI reported.