Bilateral trade between India and the European Union (EU) exceeded US$115 billion in 2021-22, making the EU one of India’s most significant trading partners.
Ahead of the G20 Foreign Ministers Meeting in New Delhi, India has emphasized the importance of capacity building for sustainable India-Europe cooperation.
Speaking at the inaugural session of the India Europe Business and Sustainability Conclave, Dr S Jaishankar, Minister of External Affairs, noted that India has become a global leader in climate change mitigation and will reach its sustainability goals sooner than expected. He highlighted the importance of electric vehicles (EVs) for India’s green transition, as well as clean energy and technology transfer, which are critical areas of cooperation between India and Europe.
The two day conference was organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs, and ran from February 28 to March 1.
Bilateral trade between India and the European Union (EU) exceeded US$115 billion in 2021-22, making the EU one of India’s most significant trading partners.
Dr Jaishankar stressed that the India-EU Free Trade Agreement (FTA) has the potential to be a game-changer for both parties, and that India’s new approach to trade agreements addresses issues such as tariff and non-tariff barriers, as well as standards. He noted that India’s growing middle class population makes it an attractive market for countries around the world.
Digital transformation and emerging technologies such as additive manufacturing and AI are areas of increasing focus between India and Europe. The minister pointed out that India has pioneered digital public goods and innovative tech solutions such as indigenous development of 5G and digital e-commerce, which could be implemented in other countries around the world.
Minister of Foreign Affairs for the Kingdom of Denmark Lars Løkke Rasmussen, praised the Green Strategic Partnership between India and Europe as an important example for other countries to follow. He stressed the importance of private sector involvement in creating a green sustainable future and noted that India is an important partner for Denmark.
According to Jan Lipavský, Minister of Foreign Affairs for the Czech Republic, his country could contribute to India’s post-pandemic recovery, particularly in the areas of healthcare services, pharmaceuticals, and telemedicine. He emphasised that energy transition will be a key pillar of the partnership, and that the Czech Republic wishes to collaborate with India on building strong, predictable, and resilient supply chains.
Said Sanjiv Bajaj, President of CII, the India Europe partnership will play a key role in furthering the global transition towards renewable energy and circularity. Given that India has assumed the G20 presidency this year and CII as the B20 Secretariat is working across important areas such as inclusive GVCs and sustainability, the India Europe partnership is expected to bring new ideas and partnerships in the future.
Chandrajit Banerjee, Director General of CII, stated that the India Europe Conclave will provide an opportunity to hear from the most innovative thinkers from India and Europe, and will contribute to CII’s work for B20. Sustainability and climate are important verticals for the B20, he added.
https://www.financialexpress.com/defence/india-has-become-a-global-leader-in-climate-change-eam/2995409/
