For Delhi and Brussels, challenge is to move from breakthroughs to delivery, Pg13

Key Highlights:

• EU leaders visited Delhi during Republic Day weekend, consolidating the India-EU strategic partnership.
• The trade agreement with the EU, whose economy rivals China's, is India's most consequential trade arrangement.
• India and Europe are diversifying partnerships to mitigate risks associated with China and the US.
• Agreements on trade, defense, and mobility resulted from sustained diplomatic efforts since 2014.
• India exited RCEP in 2019 and has since pursued trade agreements with Western economies.

Detailed Insights:

• Post-Independence Era: Europe was viewed through the lens of Russia-West rivalry, and India was seen as protectionist.
• Modi Government: Resolved bilateral issues, reopened political channels, and revived annual India-EU summits in 2016.
• Strategic Review: Europe initiated a fresh strategic review of India in 2018, leading to the resumption of trade talks in 2022.
• New Initiatives: The India-Middle East-Europe Economic Corridor (IMEC) and enhanced security cooperation in the Indian Ocean have expanded horizons.
• Shared Priorities: India and Europe share priorities like economic reform, defense capabilities, and technology gap reduction.
• Trade Agreements: India has recently secured trade agreements with Australia, the UAE, the UK, and the European Free Trade Association.
• Future Focus: India aims to upgrade the Australia agreement, revive talks with Canada, and engage with CPTPP members.

Key Concepts Involved:

• Trade Liberalisation: Reducing barriers to trade, such as tariffs, to promote economic growth.
• Strategic Partnership: A long-term agreement between countries to cooperate on political, economic, and security issues.
• RCEP (Regional Comprehensive Economic Partnership): A free trade agreement among Asia-Pacific nations, excluding the US.