India-EU FTA to create one of world's largest trade zones: Cyprus President
New Delhi, May 22
President of Cyprus, Nikos Christodoulides on Friday said progress on the proposed India-European Union free trade agreement could lead to the creation of one of the world's largest free trade zones covering a market of nearly two billion people, as India and Cyprus elevated their ties to a strategic partnership.
Addressing a joint press meet with Prime Minister Narendra Modi, the Cyprus President said, "The progress on the milestone free trade agreement, creating one of the world's largest free trade zones in a market of 2 billion people, the Security and Defence Partnership, and the Joint Comprehensive Strategic Agenda sent a clear message -- a message of confidence, ambition, and deeper cooperation across trade, security, technology, and global governance."
Christodoulides said the growing engagement between India and the European Union comes at a time of increasing geopolitical uncertainty and stressed the need for stronger cooperation between the two sides.
"In these times of growing geopolitical uncertainty, I firmly believe that the partnership between the European Union and India must become even stronger," he said.
The Cyprus President said he was attending the meeting not only as the President of Cyprus but also as the representative of a European Union member state holding the presidency of the Council of the European Union.
Highlighting Cyprus' strategic role, Christodoulides said the country could serve as "a trusted, stable, reliable bridge between India and Europe," as well as between the European Union, the Eastern Mediterranean and the wider Middle East.
He also referred to ongoing discussions on regional connectivity initiatives, including the India-Middle East-Europe Economic Corridor (IMEC), which aims to strengthen trade and infrastructure connectivity between India, Europe and the Middle East.
Prime Minister Modi, during the joint press interaction, announced that India and Cyprus had decided to elevate bilateral relations into a strategic partnership.
"Today, we are elevating our partnership into a strategic partnership," Modi said.
The Prime Minister also highlighted growing economic ties between the two countries and said Cyprus remains among India's top investors.
"Cyprus is one of India's top 10 investors. In the last decade, the investments from Cyprus in India have doubled. The India-EU FTA has opened up new opportunities. We aim to double this investment in the next 5 years," Modi said.
The discussions focused on strengthening cooperation in trade, investment, connectivity, security and technology as India and Cyprus sought deeper engagement amid evolving global economic and geopolitical conditions.
— ANI
Reader Comments
Two billion people market sounds amazing! But I hope this doesn't mean we'll be flooded with cheap European goods while our local industries struggle. Need balanced terms.
Cyprus doubling investment in 5 years is impressive! But let's also talk about technology transfer and cybersecurity. EU has strict data laws, we need our own safeguards. IMEC corridor plan is a game-changer though.
Good diplomatic move by Modi ji! But I'm skeptical - EU has been dragging feet on FTA for years. Hope Cyprus presidency helps push things forward. Need concrete timelines, not just press conferences.
Love the IMEC concept - India-Middle East-Europe corridor could rival China's BRI! But we need to be careful about Middle East stability. Cyprus as bridge makes sense given their location. Hope our IT sector benefits big time.
As someone who works in trade, this is exciting! But India needs to ensure reciprocity on IP laws and services sector access. EU is tough negotiator - remember they walked away last time over data and automotive tariffs.
Strategic partnership
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