India and EU+27 held its virtual summit on 8th May and agreed to resume negotiations for Free Trade Agreement (FTA) and launched comprehensive connectivity partnership. A copy of joint declaration available here with supporting govt media publication.

India wants negotiations on bilateral trade and free trade agreement with EU to be pursued parallelly and concluded soon. Union commerce and industry minister Piyush Goyal has written to his counterpart Valdis Dombrovskis last week to initiate the process for resumption of trade & investment negotiations following a decision in this regard arrived at the India-EU Leaders' Summit on May 8. This would involve setting up negotiating groups on different tracks and to begin formal engagement by the two sides. A decision to resume negotiations was a key deliverable of the Porto Summit on 8 May.

The European Union will discuss 5G technology rollouts and the establishment of global security standards when leaders meet with India next month, as concerns grow about the dominance of Chinese telecom giants.  Europe wants to work with democratic partners including India to establish open and transparent standards as nations prepare to move to the new security protocol that should be part of every 5G value chain, Margrethe Vestager, the European Union’s antitrust chief said in an interview.

Closer collaboration in areas like digital skilling, research and development and digital technologies can further strengthen India and the European Union (EU) partnership, top industry executives said. Tata Consultancy Services Europe CEO Sapthagiri Chapalapalli said EU-India partnership in digitalisation can create a significant impact. "The EU India relationship is built on solid ground, both sides are constantly discussing how to expand scientific and technological cooperation and are natural partners in digital areas.

The Government of India and European Investment Bank (EIB) signed the finance contract for second tranche of Euro 150 million for Pune Metro Rail project through a virtual signing ceremony. EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The Finance Contract for first tranche of Euro 200 million was signed between GoI and EIB on 22.7.2019. The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated area in the city of Pune served with heterogeneous traffic options.