EU leaders seek investment protection agreements on produces under geographical indications
After Britain’s departure from the bloc.European investors are keen to strike trade deals with India provided the assurance in terms of protection agreements on products come under GI. The EU projected the benefits upto 8.5 billion euros ($10.2 billion) in Indian markets.
As per the draft statement which is presented as a blueprint for an agreement for the EU and India to build joint infrastructure projects around the world, to be described at the summit as a connectivity partnership in transport, energy and digital sectors. The deal is likely to emulate the proceedings of agreements signed between the EU and Japan in 2019, in the wake of aggressive benevolence of China that raised suspicion in the West and Tokyo.
The draft said that leaders would also seek an investment protection agreement, and a third deal on geographical indications, which aim to boost the trade of specialised agriculture and other products like France’s champagne to India’s Darjeeling tea.
‘The alliance will thrust a consistent, inclusive, sustainable, comprehensive, and rules-based connectivity,” notes the draft summit statement in an implicit criticism of Chinese-financed projects that have run central Asian and Balkan countries in raging debts.
The EU official said Brussels was hoping to reach “an ambitious, comprehensive and also mutually beneficial agreement” with India — but it remains to be seen if New Delhi will ease up on its traditionally protectionist approach.
Since 2013, China has launched a series of construction projects across more than 60 countries under its One Belt One Road Initiative, seeking a network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa.
Cover image by Hisour
