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India, Greece agree to bolster ties
Context
India and Greece agreed to bolster cooperation in areas ranging from defence manufacturing and trade to connectivity and to speedily finalise a migration and mobility pact as Prime Minister Narendra Modi held talks with his visiting Greek counterpart Kyriakos Mitsotakis.
Background
- Strategic partnership: Greek Prime Minister Kyriakos Mitsotakis is the first Greek premier to travel to India in 16 years, and his trip is a follow-up to Modi’s visit to Athens last August, the first by an Indian premier in four decades.
- At the time, the two sides upgraded their ties to a strategic partnership.
- The recent discussions provided the two leaders an opportunity to assess the progress made since then.
Key-takeaways of the Talk
- Defence: The two sides agreed to link their defence industries.
- Range of sectors for collaboration: The two sides identified new opportunities in pharmaceuticals, agriculture, medical devices, technology, innovation and space to give new energy to their cooperation.
- They also discussed ways to boost cooperation in shipping and connectivity.
- India welcomed Greece’s “positive role” in the Indo-Pacific and its decision to join the India-led Indo-Pacific Oceans Initiative (IPOI).
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India-led Indo-Pacific Oceans Initiative (IPOI)
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- There was also agreement on cooperation in the Eastern Mediterranean, and Greece can become an important partner in the India-Middle East-Europe Economic Corridor (IMEC) launched during India’s G20 presidency last year.
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India-Middle East-Europe Economic Corridor:
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Why is Greece important fir India?
- Strategic location: Greece’s strategic location in the Mediterranean Sea makes it a major player in the global shipping industry.
- The country’s shipowners own roughly one-fifth of the world’s shipping fleet and almost 60% of the European Union’s fleet, according to the International Trade Administration, a US government agency.
- Strong play in IMEC: The country is expected to be a key player in IMEC, which will help facilitate export of Indian goods to the European markets.
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India’s increasing influence in the Mediterranean region The Mediterranean, a crucial corridor for global trade, has seen instability due to civil wars in the Middle East and maritime disputes over the past decade. India's increased defence ties with Mediterranean nations, including Italy, Egypt, and recently Greece, indicate a strategic move to amplify its influence in the region. |
What has been decided for the likely future?
- Migration and mobility pact: The two sides decided to conclude the migration and mobility partnership agreement between the two countries as soon as possible. The mobility pact will be a key step towards strengthening cooperation on legal migration, fighting human trafficking and offering young Indians an opportunity to work in Greece.
- Doubling trade: The discussion pushed for the two sides to double their trade – currently worth about $2 billion – before the target year of 2030.
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