Businesses for the circular economy will unlock circular value and strengthen partnerships and ties between India and the European Union (EU) through continuing free trade agreement (FTA) negotiations.
After more than eight years, talks on a comprehensive free trade agreement, an investment protection agreement, and a pact on geographical indications were resumed in June 2022 between India and the 27-nation EU bloc. Agriculture and dairy, government procurement, labor standards, sustainable development, and investment-related matters are among the main topics of conversation.
It may mean unleashing circular value for this dynamic and further improved collaboration between the EU and India in 2025, given the ongoing free trade agreements, recent visits by EU colleagues, and the commercial space for the circular economy.
To encourage a circular economy, the EU and India are collaborating on a number of projects with the goals of lowering waste, improving resource efficiency, and promoting sustainable development. By utilizing EU expertise and best practices, initiatives such as the EU-India Resource Efficiency and Circular Economy Initiative (EU-I RECEI) seek to promote sustainable value chains and generate new economic and employment opportunities through circular economy solutions, especially for entrepreneurs and MSMEs.
In order to minimize waste, maximize resource efficiency, spur economic growth, and lessen its impact on the environment, India is putting more and more emphasis on a circular economy. By 2050, the circular economy in India is expected to provide 10 million employments and be valued at $2 trillion.
By adopting global standards and best practices for resource efficiency and the circular economy, EU-I RECEI also seeks to assist India in achieving the global sustainable consumption and production (SCP) agenda.
In order to combat marine plastic pollution and advance waste-to-green hydrogen technologies, the India-EU Trade and Technology Council (TTC) jointly invested ₹391 crore (€41 million) in two significant research and innovation projects.
These seek to develop global and sustainable solutions by bringing together industries, start-ups, and experts from India and the EU. With co-funding from Indian ministries like the Ministry of Earth Sciences and the Ministry of New and Renewable Energy, these projects are managed under the EU's Horizon Europe program and are a part of the EU-India Trade and Technology Council (TTC). Finding creative and long-lasting ways to reduce marine pollution and enhance technology is the aim.