New Delhi, January 27 (IANS). Prime Minister Narendra Modi, European Council President Antonio Costa and European Commission President Ursula von der Leyen on Tuesday welcomed the completion of negotiations on the India-EU Free Trade Agreement (FTA). The three leaders described this as a historic achievement in the India-EU strategic partnership.
The joint statement issued after the 16th India-EU Summit said that this historic agreement will strengthen trade and investment between India and the EU, enhance shared prosperity, create strong and diverse supply chains and promote sustainable and inclusive growth.
Emphasizing the important role of the WTO, the leaders said that urgent and comprehensive reforms in the WTO are necessary to improve the global trade system, so that the interests of all countries can be advanced.
The statement said that at a time of uncertainty and disruption in the world, a strong economic relationship between India and the EU is more important than ever for growth, employment, green transition, industrial growth and reliable supply chains.
The leaders of India and EU pledged to fully implement the FTA. He also asked his teams to complete negotiations on Investment Protection Agreement (IPA) and Geographical Indication (GI) agreement as soon as possible. Both sides also agreed to increase bilateral investment and private sector participation.
The joint statement said that the strengths of India and the EU complement each other in the technology sector. Therefore, both sides will increase cooperation across the entire value chain by linking research, innovation and business. In this direction, India-EU Trade and Technology Council (TTC) was described as an important basis of technical partnership.
Both sides will further strengthen cooperation in promoting digital public infrastructure and new emerging technologies, innovation and research. For this, it has also been agreed to start India-EU Innovation Hub and India-EU Startup Partnership.
The leaders welcomed the extension of the India-EU Scientific and Technological Cooperation Agreement until 2030 and agreed to start negotiations on linking India to the EU’s research program Horizon Europe.
Apart from this, emphasis was also laid on intensifying cooperation in the field of clean energy and climate change. In this context, the formation of the India-EU Green Hydrogen Task Force and the holding of the India-EU Wind Business Summit in 2026 were welcomed.
Both sides will also work on enhancing regional connectivity and opening new business opportunities for Indian and European companies. Under this, progress in India-EU Connectivity Partnership, Aviation Dialogue, Maritime Transport Cooperation and India-Middle East-Europe Economic Corridor (IMEC) were mentioned.
EU leaders welcomed the AI Impact Summit to be held in New Delhi on 19-20 February and expressed hope to make it a success.
Additionally, the leaders also addressed the India-EU Business Forum, where industry leaders from both sides were present. He called for increasing private investment, launching new business initiatives and further strengthening India-EU trade relations.
–IANS
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