India and EU Strengthen Trade Ties Ahead of Major Agreement
Strengthening Economic Partnerships
New Delhi: In anticipation of a significant trade agreement, India and the European Union (EU) have committed to enhancing their collaboration in various sectors, including trade, investment, quantum technologies, semiconductors, and biotechnology, aiming for outcomes that are both transformative and mutually beneficial.
During the seventh India-EU Strategic Partnership Review Meeting (SPRM) held in New Delhi, both parties evaluated their bilateral engagement and agreed to finalize the investment protection agreement and the geographical indications pact.
Next month, India and the 27-member EU bloc are expected to finalize a landmark free trade agreement, often referred to as the 'mother of all deals,' which aims to create a market encompassing two billion people.
A joint press statement highlighted that both sides reviewed their efforts to enhance trade and investment cooperation, emphasizing the timely signing and implementation of the India-EU free trade agreement, alongside the ongoing work on the investment protection agreement and the geographical indications agreement.
The discussions also focused on fortifying supply chains and economic security, including strategic collaborations within the Trade and Technology Council (TTC) and the Blue Valleys initiative.
Established in 2022, the TTC aims to facilitate the exchange of critical technologies across various fields, such as artificial intelligence, quantum computing, semiconductors, and cybersecurity.
At the SPRM, cooperation on critical and emerging technologies was a key topic, covering areas like artificial intelligence (AI), quantum technologies, digital public infrastructure (DPI), advanced semiconductors, clean technologies, and biotechnology.
The talks also underscored the commitment to fostering a conducive digital environment and promoting digital public infrastructure.
Both sides expressed satisfaction with the progress in research collaboration, particularly regarding India's potential involvement in Horizon Europe, a flagship research and innovation program with a budget of €93.5 billion.
India's participation in Horizon Europe is viewed as a crucial element of the comprehensive strategic agenda for the next five years.
The statement noted the importance of enhancing connectivity partnerships, including initiatives like Global Gateway, the India-Middle East-Europe Economic Corridor (IMEC), and trilateral projects focused on clean energy, climate resilience, green mobility, and digitalization.
They also agreed to improve coordination and cooperation in shaping effective global governance.
Additionally, India and the EU discussed ways to enhance people-to-people connections, particularly in talent mobility, education, and skills development, while also reviewing updates on the European Legal Gateway Office.
Looking ahead, both parties expressed anticipation for the next round of the India-EU Human Rights Dialogue.
As reliable and like-minded partners, they reaffirmed their commitment to deepening the India-EU Strategic Partnership, aiming for concrete and transformative outcomes.
The meeting also served as a platform to review preparations for upcoming leaders' level meetings.
Both sides reiterated their commitment to advancing a clean transition and pursuing cooperation to include Indian ship recycling facilities that comply with EU regulations on ship recycling.
The SPRM was co-chaired by Sibi George, Secretary (West) in the Ministry of External Affairs, and Matti Maasikas, Deputy Secretary General for Geoeconomics and Interinstitutional Issues at the European External Action Service.