India-EU strategic agenda, Pg 18.

Key Highlights:

• The India-EU leaders' summit is scheduled for February, preceded by weekly cooperation discussions.
• In 2024, bilateral trade in goods reached EUR 120 billion, a 90% increase over the decade.
• EU foreign direct investment in India reached EUR 140 billion in 2023, nearly doubling in five years.
• The India-Middle East-Europe Economic Corridor (IMEC) aims to revive Eurasian trade routes.
• The EU issued nearly one million Schengen visas in India in 2024, facilitating easier travel.

Detailed Insights:

• The EU views India as a reliable partner amid global uncertainties, focusing on mutual benefits across five pillars.
• A free trade agreement (FTA), aiming for conclusion by the end of 2025, could significantly boost trade and investment flows.
• The EU-India Connectivity Partnership leverages platforms like Global Gateway and MAHASAGAR to strengthen infrastructure.
• The EU-Africa-India Digital Corridor, including the Blue Raman submarine cable, will provide high-speed data connectivity.
• Cooperation on emerging technologies includes establishing EU-India Innovation Hubs and a Startup Partnership.
• Security cooperation is increasing through dialogues on maritime security, cybersecurity, and exploring a Security and Defence Partnership.
• The EU and India aim to manage migration by tackling illegal flows and supporting balanced talent mobility.

Key Concepts Involved:

• Global Gateway: An EU initiative mobilizing investments for global infrastructure development.
• MAHASAGAR: An Indian initiative promoting security and growth in the Indian Ocean region.
• FTA (Free Trade Agreement): An agreement between two or more countries to reduce trade barriers.