India and EU Strengthen Ties Ahead of Major Trade Agreement: What’s Next?
Strengthening India-EU Relations
New Delhi: In a significant move just weeks before finalizing a major 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 conducted a thorough evaluation of their bilateral engagement.
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 individuals.
A joint press statement indicated 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 towards an investment protection agreement and a pact on geographical indications.
The discussions also highlighted the need to strengthen 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 domains, such as artificial intelligence, quantum computing, semiconductors, and cybersecurity.
At the SPRM, cooperation on critical and emerging technologies was a focal point, covering areas like artificial intelligence (AI), quantum technologies, digital public infrastructure (DPI), advanced semiconductors, clean technologies, and biotechnology.
The talks underscored a commitment to fostering a conducive digital environment and promoting digital public infrastructure.
Both parties expressed satisfaction with the deepening of research collaboration, particularly regarding India's potential involvement in Horizon Europe, a flagship research and innovation program worth €93.5 billion.
India's participation in Horizon Europe is viewed as a key component of the comprehensive strategic agenda for the next five years.
The statement noted the importance of enhancing connectivity partnerships, including initiatives like the Global Gateway and the India-Middle East-Europe Economic Corridor (IMEC), along with 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 reviewing updates on the European Legal Gateway Office.
Looking ahead, both sides expressed anticipation for the upcoming India-EU Human Rights Dialogue.
As reliable and like-minded partners, they reiterated 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 future high-level meetings.
Both parties renewed their commitment to advancing a clean transition and pursuing cooperation to include Indian ship recycling yards that comply with EU regulations on ship recycling in the list of approved facilities.
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.