New Delhi, Feb 28 (NationPress) In a pivotal meeting, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen have reached an agreement to accelerate the finalization of the India-EU free trade agreement (FTA) by the year's end. They also plan to engage in more focused discussions concerning the defence sector and policies aimed at exploring opportunities through new initiatives and programs, as stated in a joint statement following their discussions on Friday.

The leaders have resolved to instruct their respective negotiating teams to pursue a balanced, ambitious, and mutually advantageous FTA, with the goal of concluding negotiations within this year. Officials are encouraged to collaborate as trusted partners to improve market access and eliminate trade barriers. They are also tasked with advancing negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications.

Furthermore, both leaders acknowledged the progress achieved during the second ministerial meeting of the India-EU Trade and Technology Council (TTC), which took place during the visit, aimed at fostering deeper collaboration and strategic coordination at the crossroads of trade, trusted technology, and green transition.

They have also agreed to direct the TTC to deepen its engagement in strengthening semiconductor ecosystems, trustworthy and sustainable Artificial Intelligence, high-performance computing, 6G, Digital Public Infrastructure, and joint research and innovation for green and clean energy technologies. This will emphasize trusted partnerships and industry connections across these sectors, particularly in recycling batteries for electric vehicles (EVs), addressing marine plastic litter, and developing green hydrogen.

The leaders have committed to convening the next TTC meeting promptly to enhance cooperation in semiconductors and other vital technologies, as per the statement.

Additionally, they pledged to take concrete steps toward realizing the India-Middle East-Europe Economic Corridor (IMEC), which was announced during the G20 Leaders’ Summit in New Delhi, and to deepen their collaboration within the frameworks of the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), the Leadership Group for Industry Transition (Lead IT 2.0), and the Global Biofuels Alliance.

The joint statement emphasized that the India-EU Strategic partnership is increasingly crucial for jointly addressing global challenges, promoting stability, and fostering mutual prosperity.

In this context, both leaders underscored the need to intensify cooperation between India and Europe in various areas, including trade, supply chain resilience, investment, emerging critical technologies, innovation, talent, digital and green industrial transition, space and geospatial sectors, defense, and people-to-people connections.

They also highlighted the urgency of collaborating to tackle shared global challenges, such as climate change, the governance of Artificial Intelligence, development finance, and terrorism in an interconnected world.

The leaders reaffirmed their commitment to fostering a free, open, peaceful, and prosperous Indo-Pacific based on international law, mutual respect for sovereignty, and the peaceful resolution of disputes, supported by effective regional institutions. India welcomed the EU's participation in the Indo-Pacific Oceans Initiative (IPOI). Both parties also committed to exploring trilateral cooperation in regions like Africa and the Indo-Pacific.

Lastly, they expressed satisfaction with the expanding collaboration in the defense and security sector, which includes joint exercises and partnerships between the Indian Navy and EU Maritime security entities.