New Delhi: Weeks ahead of inking of a mega trade pact, India and European Union (EU) Monday vowed to boost their ties in trade and investment, quantum technologies, semiconductors and biotechnology to deliver “mutually beneficial and transformative” outcomes.
The two sides also agreed to work towards conclusion of the proposed investment protection agreement and the pact on geographical indications.
A comprehensive scrutiny of the two-way engagement was carried out at the seventh India-EU Strategic Partnership Review Meeting (SPRM) held in New Delhi.
India and the 27-nation bloc are set to seal next month the landmark free trade agreement — billed as the “mother of all deals” — to create a market of two billion people.
“Both sides reviewed engagements towards boosting trade and investment cooperation, including the timely signing and implementation of the India-EU free trade agreement, and to continue work towards conclusion of the investment protection agreement and the agreement on geographical indications,” according to a joint press statement.
“The discussions also covered strengthening supply chains and economic security, including strategic engagements in the Trade and Technology Council (TTC) and Blue Valleys initiative,” it said.
The TTC was unveiled in 2022 to facilitate exchange of critical technologies relating to an array of domains including artificial intelligence, quantum computing, semiconductors and cybersecurity.
At the SPRM, both sides also discussed cooperation on critical and emerging technologies, including artificial intelligence (AI), quantum technologies, digital public infrastructure (DPI), advanced semiconductors, clean technologies and biotechnology.
The deliberations also saw a resolve for cooperation to advance a conducive digital environment and promote digital public infrastructure.
It said the two sides expressed satisfaction on deepening research collaboration, including India’s potential association with Horizon Europe, a Euro 93.5-billion flagship research and innovation programme.
India’s association with the Horizon Europe programme is seen as part of the comprehensive strategic agenda of the two sides for the next five years.
“The two sides underscored the importance of strengthening connectivity partnership including Global Gateway, India-Middle East-Europe Economic Corridor (IMEC) and trilateral projects in clean energy, climate resilience, green mobility and digitalisation,” the press statement noted.
“They also agreed to enhance coordination and cooperation towards shaping effective global governance,” it said.
India and the EU also exchanged views on enhancing people-to-people contacts, including in the areas of talent mobility, education and skills development, as well as reviewed updates on the European Legal Gateway Office.
They also looked forward to the next edition of the India-EU Human Rights Dialogue, the statement said.
“As trusted, predictable and like-minded partners, they reaffirmed their commitment to deepen the India-EU Strategic Partnership, and to deliver mutually beneficial, concrete and transformative outcomes.
“The meeting also provided an opportunity to review preparations for future meetings at leaders’ level,” the statement added.
It said both sides renewed their commitments to advance the clean transition, and pursue cooperation to include Indian ship recycling yards which comply with the European Union Regulation on Ship Recycling in its list of ship recycling 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.
