India and Germany voice support for upcoming EU-India FTA negotiations

Underlining the huge potential for expanding bilateral trade and investment, Germany and India on Monday voiced their strong support for the upcoming negotiations between the European Union and India on a free trade agreement. Germany and India, in a joint statement, said they aimed to make supply chains more resilient, diverse, responsible and sustainable.

Both governments stressed the need to work together to ensure that supply chains can continue to deliver economic benefits while meeting international environmental, social and labor standards. “Germany and India are important trade and investment partners. Both sides expressed their strong support for the upcoming negotiations between the European Union and India on a free trade agreement, a investment protection and a geographical indications agreement, and underlined the enormous potential of such agreements to expand bilateral trade and investment,” reads the joint statement after the conclusion of the sixth intergovernmental consultations.

Against the backdrop of one of the biggest global jobs and societal crises in decades, both sides recognized the importance of working together to rebuild sustainable labor markets and aim to facilitate a resilient recovery. , inclusive, gender sensitive and resource efficient. “The aim is to promote employment and decent work, the establishment of retraining and upskilling policies that enable all people of working age to do the work of tomorrow, and responsive social protection systems that can fight poverty and reduce inequality, while contributing to a sustainable future,” the statement said.

Both parties recognized the importance of digital transformation as a key driver of technological, economic and societal change. “The Indo-German Digital Dialogue is an important instrument to facilitate cooperation on digital topics such as Internet governance, emerging technologies and digital business models. At the same time, they expressed their support to benefit from synergies along with other existing initiatives like the Indo-German industry-digital expert group,” the statement added.

In the area of ​​bilateral trade and investment, the two sides stressed their readiness to continue the successful format of the Indo-German Fast Track Mechanism, which has proven to be an important benchmark for current and future investors. India has recognized the technical expertise of German companies in the rail sector.

“Based on the Joint Statement of Intent signed in 2019 between the Federal Ministry of Economic Affairs and Energy and the Indian Ministry of Railways on future railway cooperation, both parties stress their continued interest in further cooperating in the area of ​​high-speed and energy-efficient technologies in support of Indian Railways’ ambition to reach net zero by 2030,” they said Germany and India thanked the Indo-German working group within the Global Project Quality Infrastructure (GPQI) for their continuous efforts to enhance cooperation in the areas of standardization, accreditation, conformity assessment and market surveillance.

Both parties took note of the work plan for 2022 signed during the 8th annual meeting of the working group which identifies new areas of collaboration in the areas of digitalization, smart and sustainable agriculture and circular economy . Both governments have expressed their desire to further strengthen the startup cooperation and, in this context, appreciate the ongoing cooperation between Start-up India and the German accelerator (GA).

Prime Minister Modi also today held a bilateral meeting with Chancellor Scholz. It was their first engagement since Chancellor Scholz took office in December 2021. Discussions focused on key areas of bilateral cooperation within the framework of the comprehensive strategic partnership, as well as regional and global developments. (ANI)

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