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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.

• 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).

• 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.

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.

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.