EU, INDIA TO RESUME TRADE TALKS AFTER 8 YEARS

The European Union and India have agreed to pick back up talks on a free trade deal that has been frozen since 2013, European Commission President Ursula von der Leyen announced.

"Between the EU and India there is a close relationship but also a lot of untapped potential," von der Leyen said.

"The most untapped potential is in trade and investment."

Reporting for Deutsche Presse-Agentur (dpa), Ella Joyner relayed that the two sides agreed to pursue sustainable and inclusive economic growth and post-pandemic recovery, according to a statement released after the talks.

Brussels and New Delhi will also launch negotiations on an investment agreement and on geographical indications, the EU executive chief told journalists after talks with Indian Prime Minister Narendra Modi. Von der Leyen called the video conference a milestone in EU-India relations.

India is currently the world's second-most populous country after China, with more than 1.3 billion inhabitants, but is only the 10th-largest trading partner for the EU.

In 2007, the two sides began discussions on a wide-reaching trade and investment agreement, including more market access and fewer tariffs.

But several disagreements, such as over Indian tariffs on cars and wine and over EU labor market restrictions on Indians, brought the negotiations to an end in 2013. German Chancellor Angela Merkel greeted the resumption of talks.

"The negotiations have also stalled many times and that is why I am so glad that they have now been resumed," she said after an informal EU summit.

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