New Delhi, Feb 28 (UNI) India and the European Union have directed their teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year, Prime Minister Narendra Modi said after talks with visiting European Commission President Ursula von der Leyen here today.
In his press statement following the talks held at Hyderabad House with the European Commission President and the European College of Commissioners, the PM also said that both sides have agreed to take concrete steps to take forward the ambitious India-Middle East-Europe Economic Corridor or ‘IMEEC’.
He termed the visit of the visit of the President of the European Commission and the College of Commissioners to India as unprecedented, adding that it is first such comprehensive engagement of the European Commission in any single country, and also one of the first visits of the new Commission in its latest term.
The PM said the two sides have held nearly 20 ministerial level meetings of different sectors between yesterday and today.
“Sincere and meaningful discussions were held on various regional and global matters. Many important decisions have been taken to elevate and accelerate our partnership.”
He said the two sides have prepared a blueprint for collaboration in the areas of Trade, Technology, Investment, Innovation, Green Growth, Security, Skilling and Mobility. “We have directed our teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year,” the PM added.
“To strengthen the investment framework, there has also been talk of moving forward on Investment Protection and GI Agreement. In the field of Technology and Innovation, a trusted and secure value chain is our common priority.”
The two sides have agreed on increasing cooperation in semiconductors, AI, high performance computing and 6G, and also decided to initiate a Space Dialogue, PM Modi said.
“We have decided to conduct a Green Hydrogen Forum and Offshore Wind Energy Business Summit. Joint research shall be undertaken on EV Batteries, Marine plastics and Green hydrogen. We shall also take forward our Joint Plan on Sustainable Urban Development,” the PM said.
“Concrete steps will be taken, to take forward the India – Middle East – Europe Economic Corridor or “IMEEC”. I firmly believe that “IMEEC” shall serve as an engine that drives global commerce, sustainable growth and prosperity in the days to come,” the PM added.
Both sides have also seen growing cooperation on issues related to Defence and Security, and will take forward the cooperation on Cyber Security, Maritime Security and Counter Terrorism.
“Both sides agree on the importance of peace, security, stability and prosperity in the Indo-Pacific region,” he said, and welcomed the EU’s decision to join the “Indo Pacific Oceans Initiative”. Both sides will work together on Triangular Development projects for sustainable and inclusive development in the Indo-Pacific region and Africa.
The two sides have reached a new agreement to increase academia, research and industry partnerships between them, he said, adding “I believe that India’s young talent and Europe’s innovation can together create limitless possibilities”.
India and the EU have decided to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025. It will be launched during the next India-EU Summit, the PM said.
He said the visit of the European Commission President to India has imparted new momentum, energy and enthusiasm to the bilateral partnership.
“This journey is the biggest catalyst that will translate our ambition into action.”
“I eagerly look forward to the opportunity of welcoming you back to India for the next India-EU Summit,” PM Modi said.
