India and Romania Set the Stage for Robust Economic Partnership

India and Romania aim to boost their economic partnership by expanding trade, enhancing investment, and strengthening supply chains. Both countries agreed to work toward a mutually beneficial India-EU Free Trade Agreement, focusing on key sectors like petroleum, engineering, pharmaceuticals, and ceramics, while promoting skills-based mobility.

In a significant bilateral meeting held in Bucharest, India's Minister of State for Commerce and Industry, Jitin Prasada, and Romania's Minister of Foreign Affairs, Oana-Silvia Toiu, discussed strategies to elevate economic ties. According to an official statement from the Ministry of Commerce and Industry, both ministers explored avenues to enhance trade and investment, aligning within the broader India-EU economic framework.

The discussions underscored the commitment of both countries to finalize a fair and balanced India-EU Free Trade Agreement (FTA) by the year-end. Noteworthy is the significant growth in bilateral trade, with India's exports to Romania surpassing USD 1.03 billion in FY 2024-25 and overall bilateral trade nearly hitting USD 2.98 billion in FY 2023-24.

Efforts to deepen supply-chain linkages in key sectors such as petroleum products, engineering goods, pharmaceuticals, and ceramics were also emphasized. In his visit coinciding with the 19th Joint Committee for Economic Cooperation meeting, Prasada advocated for closer mobility cooperation to facilitate the transport of skilled labor, crucial for fulfilling Romania's need for about 100,000 non-EU workers annually.

(With inputs from agencies.)