EU-India future trade and investment cooperation (short presentation)
Speaker: Geert BOURGEOIS (Belgium, European Conservatives and Reformists Group / Nieuw-Vlaamse Alliantie)
Date: 2022-07-04

  Geert Bourgeois,  rapporteur. – Madam President, colleagues, Commissioner, if the EU wants to play its role as a global actor, it has to promote rules—based trade and show by example that trade agreements deliver, bring peoples together and raise the standards worldwide on safety of labour, sustainable development goals and human rights. In these geopolitically unstable times, more than ever we have the duty to diversify our supply chains and open up new markets. 
Colleagues, nine years after negotiations were suspended, the political leaders of both the EU and India agreed last year in May to resume negotiations for a balanced, ambitious, comprehensive and mutually—beneficial trade agreement, a separate negotiation on a standalone investment protection agreement and another agreement on geographical indications. This report confirms this approach. 
An agreement with India will be favourable for economic reasons as the untapped potential is huge. With its 1.3 billion inhabitants, India is the largest democracy in the world and a solid alternative for an EU that wants to diversify its supply chains. Although in recent years the EU has become India’s leading trade partner, figures show that the potential in economic cooperation with India remains mainly untapped. India is one out of the EU’s four strategic partners within the European—Indo-Pacific strategy. Therefore, the agreement is also of geopolitical importance. 
Dear colleagues, in this own—initiative report, the European Parliament gives its full support to the negotiations, based on the current mandate. MEPs also firmly welcome the establishment of a Trade and Technology Council with India that should be launched by the end of this year under the Czech Presidency. We have listed the following positive priorities: a comprehensive free trade agreement with a dedicated chapter on SMEs on digital trade and raw materials, and an ambitious and enforceable TSD chapter aligned with the Paris Agreement. We encourage the negotiators to touch upon the longstanding market access irritants both across governance levels and sectors, with the comprehensive elimination of tariffs and quotas on a reciprocal basis, while paying attention to sensitive products and ensuring that reductions will not be compensated by an increase in domestic taxes and levies; a standalone investment protection agreement with a dedicated EU—India Investment Court system, with a view to the founding of the Multilateral Investment Court; a robust chapter on public procurement applicable at all levels of governance and a prohibition of certain discriminatory bi—national practices; an agreement on the establishment of a bilateral ex-ante and ex-post consultation platform between the EU and India, designed to facilitate discussions or consultations in advance of any new measure that could negatively affect trade or investment; and, finally, we propose – following the good experience we have had in the FTA with Vietnam – the establishment of a parliamentary joint committee to allow parliamentary oversight. 
Colleagues, I conclude that, without any doubt, challenging negotiations await. However, not only the EU but also India and the world have changed. In all contacts with our Indian partners we have clearly understood the political will to succeed. I hope that negotiations can succeed and that this parliament will be able to give its consent in the current mandate. We therefore need to grab this opportunity to strengthen EU—India ties with both hands. 
Finally, I would like to thank my entire colleagues for the good cooperation, and I hope for the approval of my report with a broad majority tomorrow.