India and Cyprus have agreed to further strengthen their strategic partnership, with a particular emphasis on bolstering trade, maritime cooperation, and pushing forward the India-European Union Free Trade Agreement (FTA) negotiations. The decision was taken during a high-level meeting between Indian Prime Minister Narendra Modi and Cypriot President Nikos Christodoulides in New Delhi.
Key Areas of Cooperation
The two leaders discussed a wide range of bilateral issues and identified several key areas for enhanced collaboration. These include trade and investment, maritime security, renewable energy, information technology, and tourism. Both sides expressed satisfaction with the current state of bilateral relations and underscored the importance of regular high-level exchanges.
Trade and Investment
India and Cyprus have agreed to work towards increasing bilateral trade and investment flows. Cyprus is an important investor in India, with cumulative investments exceeding USD 12 billion. The two sides will explore new avenues for economic cooperation, including in sectors such as pharmaceuticals, agriculture, and infrastructure development.
Maritime Cooperation
The leaders emphasized the significance of maritime cooperation in the Indian Ocean region. They agreed to enhance collaboration in areas such as port development, shipping, and maritime security. Cyprus, a major shipping hub, will partner with India in developing its maritime sector.
India-EU FTA
Both sides reaffirmed their commitment to the early conclusion of a comprehensive and balanced FTA between India and the European Union. Cyprus, as a member of the EU, pledged to support the negotiations and work towards a mutually beneficial agreement.
Other Areas of Cooperation
The two leaders also discussed cooperation in renewable energy, with Cyprus expressing interest in Indian expertise in solar power. They agreed to collaborate in the field of information technology, including cybersecurity and digital governance. Tourism was another area of focus, with both sides aiming to increase tourist flows between the two countries.
Regional and Global Issues
Prime Minister Modi and President Christodoulides exchanged views on regional and global issues of mutual concern, including the situation in the Eastern Mediterranean, the Middle East, and the Indo-Pacific. They reaffirmed their commitment to multilateralism and the rules-based international order.
The visit of President Christodoulides to India is expected to give a new impetus to the bilateral relationship, which has been on an upward trajectory in recent years. The two countries have a long history of friendly relations, and the current partnership is based on shared values of democracy, pluralism, and rule of law.
