India-EU Summit pushes cooperation in civil nuclear R&D, trade, security, cyber space

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News: The 15th India-European Union Summit was held in the virtual platform.

Facts:

Key Facts Related to Summit:

  • India-EU Strategic Partnership: A Roadmap to 2025: It was endorsed as a common roadmap to guide joint action and further strengthen the India-EU Strategic Partnership over the next five years. 
  • Civil Nuclear Cooperation agreement: India and the European Union (EU) have signed a civil nuclear cooperation agreement which focuses on research and development cooperation in the peaceful uses of nuclear energy.
  • Clean Energy and Climate Partnership: It was established by the European Union(EU) and India in 2016 to promote access to and dissemination of clean energy and climate friendly technologies and encourages research and the development of innovative solutions.
  • International Platform on Sustainable Finance (IPSF): It was launched in 2019.Its members are Argentina, Canada, Chile, China, India, Indonesia, Kenya, Morocco, Norway, Switzerland and European Union.It aims to scale up the mobilization of private capital towards environmentally sustainable investments.
  • International Conference on Chemical Management: The conference is to be held in Bonn in 2021.The leaders supported the ambitious mandate for an international chemical and waste management framework beyond 2020.

Additional Facts:

  • European Union(EU): It is a political and economic union of 27 member states that are located primarily in Europe.Headquarters: Brussels, Belgium
  • The EU as a whole was India’s largest trading partner in 2018.India’s bilateral trade with the EU in 2018-19 stood at USD 115.6 billion with exports valued at USD 57.17 billion and imports worth USD 58.42 billion.