Blitz Bureau
NEW DELHI: Highlighting the growing partnership between India and the European Union (EU), External Affairs Minister (EAM) S Jaishankar has described the signing of the Free Trade Agreement (FTA) as a transformative milestone in bilateral ties while addressing the India-EU forum on February 6, reported IANS.
He also underlined the potential for deeper cooperation between India and the EU in areas including security, defence, climate, technology and talent flows.
“Addressed the inaugural India-EU Forum. Highlighted that the FTA has been a game changing development for our partnership. Also flagged other dimensions that hold great potential, including security, defence, climate, technology and talent flows. Hope that the India-EU Forum promotes more conversations and creates greater convergences between India and the EU,” EAM posted on X.
Earlier on January 27, Prime Minister Narendra Modi, along with European Council President Antonio Costa and European Commission President Ursula von der Leyen, hailed the successful conclusion of negotiations of the landmark India–EU FTA. “This historic deal is a milestone in the India–EU Strategic Partnership that will significantly enhance bilateral trade and investment ties, drive shared prosperity, strengthen resilient and diversified supply chains, and support sustainable and inclusive growth,” read a joint statement issued after the 16th India–EU Summit co-chaired by the three leaders.
The leaders emphasised the central role of the World Trade Organisation (WTO) in the multilateral trading system and global trade governance and underlined that meaningful, necessary, and comprehensive reform of the WTO is essential to improve its functions so that it is better suited to advance all members’ objectives. In the context of global uncertainty and disruptions, closer economic ties between India and the EU are more important than ever to drive growth, job creation, green transition, industrial development, and more resilient, sustainable and trustworthy supply chains, the statement said.
The leaders of India and the EU are committed to ensuring the full implementation of the FTA. Additionally, they tasked their respective teams to complete negotiations, at the earliest opportunity, on an Investment Protection Agreement (IPA) and on an Agreement on Geographical Indications (GIs). They committed to work on scaling up bilateral investments and engage in discussions on Blue Valleys to accelerate private sector engagement in strengthening select value chains, the joint statement said.
