I’m excited to talk about the growing partnership between India and the European Union at the India-European Union Business Forum. This event is a major milestone, marking new beginnings for this important relationship. With EU leaders attending India’s Republic Day as Chief Guests and the completion of the largest Free Trade Agreement (FTA) in India’s history, we’re witnessing a shift in how these two democratic giants connect.
The bond between India and the EU is built on shared values. Both are major market economies and prioritize global stability. Over the past decade, trade between us has soared, doubling to €180 billion. With over 6,000 European companies in India and Indian investments in the EU nearing €40 billion, our economic relationships run deep. This partnership spans various industries, from research and development to manufacturing and services.
The newly established FTA is designed to open doors for India’s labor-intensive products in the EU market, including textiles and processed foods. This is great news for our farmers and fishermen, as it promises more opportunities and growth in key sectors like IT, education, and traditional medicine.
In today’s changing global business environment, this FTA sends a clear message: India and the EU are ready to build a robust, forward-thinking partnership.
Experts are urging businesses to focus on three key areas:
Supply Chain Independence: In a world where trade and technology are often weaponized, we need to work together to minimize reliance on outside sources. Could we create joint supply chains for vital goods like electric vehicles and semiconductors?
Defense and Technology Collaboration: Both regions are prioritizing advancements in defense and cutting-edge tech. Increased cooperation in sectors like space, telecommunications, and artificial intelligence can lead to groundbreaking innovations.
Sustainable Future: There’s a shared commitment to sustainability. Joint research in green technologies—like hydrogen energy—and initiatives around water management and sustainable agriculture could make a big difference.
After today’s decisions, the ball is now in the court of the business community. Your collaborations will spark trust and growth in our partnership, leading to shared prosperity for both sides.
In summary, the future is bright for the India-EU partnership. With strategic cooperation, the potential for innovation and growth is limitless. Let’s harness this opportunity together.
For more insights on this growing partnership, check out resources from the European Commission and India’s Ministry of External Affairs.
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PMO, Pmindia, PM India
