French President Emmanuel Macron expressed his solidarity with Indian Prime Minister Narendra Modi during the India EU Virtual Summit in presence of 26 other EU leaders. He said, “India does not need to listen to lectures from anyone about vaccine supplies. India has exported a lot for humanity to many countries. We know what situation India is in.”
Amidst the COVID-19 vaccine shortage aimed at the Modi Government, the French President said India does not need to be lectured by anyone. India has exported vaccines to 95 countries. Under its “Vaccine Maitri” initiative, India exported around 663,698 lakhs of COVID vaccines to fight the worldwide issue. Countries like Iran, Uganda, Ukraine, Saudi Arabia, UAE, Brazil, and many other countries received the vaccines. The exports came to a pause after India’s domestic requirements due to the second COVID-19 wave overwhelmed the possibility of exports.
The virtual meeting was hosted by Portugal Prime Minister Antonio Costa as Portugal presently holds the Presidency of the Council of the European Union.
Currently, a total of 27 countries are a part of the European Union. Last year, several EU countries were highly suffering due to the pandemic where India came to their rescue providing them with medical supplies. The EU leaders thanked India and extended solidarity to the citizens and government amid the COVID crisis.
After an absence of 8 years, trade talks between India and the EU with 27 countries have resumed. A conclusion of the “Free Trade Agreement” (FTA) was agreed upon by both sides. A deep and strategic alliance between the EU and India is expected. A strong exchange of views and information between the EU and India on matters of mutual interest like economic cooperation will improve the business environment and strengthen economic association and ties.
EU and India will now negotiate on three important agreements: Trade, investment, and geographical indications; Connectivity partnership and Human Rights Dialogue; Closer security cooperation in the Indo-Pacific and beyond.
At the EU council meeting, Prime Minister Modi requested the EU leaders to support the TRIPS waiver at the World Trade Organization for COVID vaccines in the name of humanity. The TRIPS agreement is based on 7 minimum intellectual property parameters: copyrights, trademarks, geographical indications, industrial designs, patents, layout designs for integrated circuits, and undisclosed information.
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Economic Overview Of EU Virtual Summit
The World Trade Organization has the right to invoke certain intellectual property parameters to make the vaccines and treatment available to various other countries across the globe. The EU’s support is important as the World Trade Organization would not agree on the waiver unless every country approves. The United States of America declared its support for the waiver a few days ago.
A broader market view in the current times
According to Stock Market Advisory Company India had outperformed itself compared to the global market. The market was expected to fall and it did eventually. Between 11th May’s high and 12th May’s low, the fall was around 300 points. This has been happening because of the fear of inflation. Higher the inflation, higher the interest rate and so the money will be moving from equity to debt. The main mandate of the Monetary Policy Committee is to keep inflation between 2 to 6%.
More Details- RBI’s First Bi Monthly Monetary Policy of 2021-22