India, Poland agree to double bilateral trade by 2030

Prime Minister Narendra Modi and Polish counterpart Donald Tusk set a 2030 target to double bilateral trade. They urged early implementation of the EU-India FTA, agreed to boost cooperation in defence, green tech, space, and semiconductors, and welcomed business forums to strengthen economic ties.

Prime Minister Narendra Modi and his Polish counterpart Donald Tusk on Thursday agreed on a goal to double bilateral trade between the two nations by 2030, according to a joint statement issued following their meeting here. The leaders pressed for the prompt signing and ratification of the EU-India Free Trade Agreement (FTA), along with its timely implementation, to unlock new opportunities for commerce and investment, diversify and reinforce vital value chains, and open new markets, the statement noted.

PM Modi invited Polish enterprises to expand their investments and operations in India, encouraging them to capitalise on India's expansive market, proficient workforce and growing manufacturing and innovation ecosystem. Tusk expressed appreciation for Indian investments in Poland and underscored Poland's position as a gateway for Indian firms seeking to broaden their footprint across Central and Eastern Europe and the wider European market.

Both leaders consented to broaden cooperation in agriculture through the resumption of activities by the bilateral working group, designed to intensify bilateral trade and cooperation. Additionally, the leaders welcomed the India-Poland Business Forum conducted during the visit, featuring the active participation of prominent chief executives and industry representatives from both nations. They urged businesses to forge partnerships across sectors encompassing industrial machinery, defence, infrastructure, pharmaceuticals, mining and critical minerals, energy, ICT and other areas of mutual interest.

They emphasised the significance of resilient and diversified supply chains, the promotion of medium and small enterprises, innovation-led growth and digital transformation. Furthermore, the leaders acknowledged the transformative impact of digital technologies and artificial intelligence on economic growth, productivity and public service delivery. Noting the India-EU Comprehensive Strategic Agenda, both leaders also agreed to undertake collaborative research on AI, semiconductors and quantum technologies, alongside strengthening start-up partnerships. They resolved to foster closer collaboration among enterprises, research institutions and innovation ecosystems in both countries.

The leaders identified cooperation within the space sector as a key element of the Strategic Partnership and promoted stronger institutional and industry-level engagement, welcoming efforts to identify concrete areas of mutually beneficial cooperation, according to the joint statement. Both leaders likewise highlighted opportunities for close cooperation regarding semiconductors.

The Prime Ministers highlighted the potential for collaboration within the circular economy and recovery industry, with a primary focus on battery recycling and the refining of rare earth minerals. They underlined opportunities for closer cooperation in geology, mining and the critical minerals sector, noting that an MoU in this regard is under negotiation.

The leaders also welcomed the prospect of exploring opportunities to enhance direct flights on routes linking Poland and India, and they encouraged civil aviation authorities to hold direct talks as a symbol of strengthening bilateral relations. Both sides underscored the potential for cooperation within the shipping industry as well as in maritime security.

The leaders recognised the importance of cooperation between ports in advancing a secure, resilient and integrated network that diversifies global supply chains, shortens transit times and safeguards critical infrastructure against geopolitical disruptions. The two leaders further highlighted the significance of enhancing connectivity, including via the India-Middle East-Europe Economic Corridor (IMEC) initiative, the joint statement added. (ANI)