India and EU Strengthen Trade and Investment Ties for a Sustainable Future
Key Ideas
- India and the European Union aim to finalize a free trade deal spanning industries like clean hydrogen, batteries, and defence.
- Prime Minister Narendra Modi and European Commission chief Ursula von der Leyen discussed enhancing research in areas such as green hydrogen and marine plastics.
- The visit emphasized strengthening academia, research, and industry partnerships, paving the way for a bold roadmap for India-EU collaboration from 2025 onwards.
- Both parties recognize the importance of cooperation amid global tensions, with a focus on sustainable urban development and economic corridors for mutual prosperity.
India and the European Union are pushing to conclude a comprehensive free trade agreement this year, with a focus on sectors like clean hydrogen and defence. European Commission President Ursula von der Leyen, during her meeting with Indian Prime Minister Narendra Modi, highlighted the need for deepening cooperation in areas such as green hydrogen and marine plastics. The discussions also centered around bolstering joint initiatives in sustainable urban development and enhancing connectivity through projects like the India–Middle East–Europe Economic Corridor (IMEC). Both leaders emphasized the value of strengthening partnerships between academia, research institutions, and industries to foster innovation and create new opportunities. Prime Minister Modi welcomed the EU's new visa regime, which is expected to enhance mobility for India's youth, and expressed confidence in the potential of the India-EU collaboration to drive global commerce and sustainable growth. The visit underscored the significance of India-EU trade relations, with bilateral trade reaching $137.5 billion in 2023-24. The renewed commitment to advancing investment rules and geographical indicators signals a positive trajectory in the trade partnership. Against the backdrop of global tensions, both India and the EU reaffirmed their commitment to closer ties and emphasized the benefits of cooperation over isolationism. The discussions between the two parties reflect a shared vision of reimagining their partnership to address contemporary challenges and leverage opportunities for mutual development and prosperity.