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Prime Minister Narendra Modi and Finland President Alexander Stubb have called on the business communities of both countries to tap the opportunities created by the landmark India-EU Free Trade Agreement, with the two leaders setting an ambitious goal of doubling the current value of bilateral trade by 2030.
PM Modi held a bilateral meeting with the Finnish President at the Hyderabad House in New Delhi on Thursday. During discussions, the two leaders highlighted the growing economic engagement between the countries and underlined the importance of enhanced collaboration in trade, technology and investment. According to the Ministry of External Affairs statement, they noted that the objective should be to significantly expand the economic partnership and unlock the full potential of bilateral cooperation in emerging sectors. The leaders also took note of the strong interactions between the respective business communities, reflected in the large business delegation accompanying the Finnish President during his State Visit to India. They also referred to the companies that had joined Finnish Prime Minister Petteri Orpo during the AI Impact Summit held in New Delhi in February this year. Both leaders expressed confidence that the upcoming India-Finland Business Summit and CEOs' interaction scheduled in Mumbai on March 7 would help strengthen economic engagement and pave the way for greater collaboration in trade, technology and investment, a statement said. Prime Minister Modi and President Stubb also welcomed the expanding cooperation between startups from the two countries. They highlighted the active participation of Indian startups in the global startup event Slush and the involvement of Finnish startups in Startup Mahakumbh held in New Delhi. Initiatives such as the Indo-Finland Startup Corridor were also noted as important platforms for boosting innovation-led partnerships, MEA said in its statement. The leaders further welcomed the adoption of the new Joint India-EU Comprehensive Strategic Agenda, endorsed during the India-EU Summit. They noted that the agenda is built on shared values, mutual trust, converging interests and political will, and emphasised that India and the European Union can serve as stable, predictable and trusted partners while deepening their multifaceted long-term partnership. Both sides underlined that the conclusion of the Free Trade Agreement would elevate India-EU ties to a new level. In addition to providing clear economic benefits through improved market access and removal of trade barriers, the leaders said the agreement could strengthen economic security and resilience by diversifying critical value chains and opening new markets. They also reaffirmed support for strengthening the work of the India-EU Trade and Technology Council as a key platform to address major trade, technology and economic security issues and as a cornerstone of the India-EU technology partnership. The two leaders further underscored that the signing of the India-EU Security and Defence Partnership had added another important dimension to the strategic relationship between India and the European Union. They noted that the framework would deepen cooperation in areas of shared interest, including maritime security, defence industry collaboration, cyber and hybrid threats, space and counter-terrorism. In addition, the leaders welcomed the signing of a Memorandum of Understanding (MoU) on the Comprehensive Framework of Cooperation on Mobility and the launch of the pilot European Union Legal Gateway Office in India. President Stubb is currently on a State Visit to India from March 4 to March 7 at the invitation of Prime Minister Modi. This marks his first visit to the country in his capacity as President. During the visit, he is travelling to New Delhi and Mumbai and is accompanied by Sari Multala, Finland's Minister of Climate and the Environment, Matias Marttinen, Minister of Employment, along with a high-level delegation of officials and business leaders. Earlier on Thursday, Prime Minister Modi and President Stubb jointly attended the 11th edition of the Raisina Dialogue in New Delhi, where the Finnish President participated as the Chief Guest and delivered the inaugural keynote address. President Stubb's visit follows the trip to India by Finnish Prime Minister Petteri Orpo in February this year to participate in the AI Impact Summit. (ANI)
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