India and the European Union (EU) have finalized a draft agreement for cooperation in the civil nuclear sector ahead of the digital summit on Wednesday. The two sides have finalized it after 13 years of negotiations. Officials of the 27-member organization gave this information.
The European Union is a strategically important region for India. The EU was India’s largest trading partner in 2018. India’s bilateral trade with the EU was US $ 115.6 billion in 2018-19 with exports worth US $ 57.67 billion while imports were US $ 58.42 billion.
The European Union officials said during the summit on Wednesday that an announcement would be made to give concrete form to the civil nuclear cooperation agreement. The agreement emphasizes extensive cooperation in the civil nuclear energy sector.
They also talking about agreement between Europol and the Central Bureau of Investigation (CBI) is expected to be finalized for a working arrangement to tackle organized crime and terrorism by both sides. Europol is the European Union’s agency for law enforcement cooperation.
Regarding the long-pending India-EU Free Trade Agreement (FTA), The current trade relations between the two sides are below its potential and much lower than the organization expected. The pending agreement is known as the European Union-India-based Trade and Investment Agreement (BTIA).