EU and India discuss global infrastructure deal
The Belt and Road Initiative, China’s large-scale project, is at an early stage of its implementation but it already performs its main function — it unites people. Thus, India and the European Union have decided to establish a partnership to keep up with China. The EU and India are looking to unveil their plan at a summit on May 8th. This is going to be a partnership on energy, digital, and transportation projects. Potential members of the union will be provided with the best legal guarantees and loan terms even more attractive than those offered by China. The new infrastructure project will be a serious alternative to investments from China for Europe, Africa, and Asia. "The EU and its allies have a common interest here, in presenting an alternative to the Belt and Road Initiative, rather than allowing Chinese investments to dominate," an EU diplomat said. This February, the EU and India launched the High-Level Dialogue on trade and investments with the aim of enhancing bilateral economic relations and cooperation in the World Trade Organization. In June 2020, President of the European Council Charles Michel announced that the European Investment Bank had allocated over €4 billion to India’s sustainable development projects, primarily its renewable energy transition.