Announced at a Joint Press Conference with the President of Cyprus
During his visit to the Mediterranean island nation of Cyprus, Indian Prime Minister Narendra Modi expressed his expectation that a final agreement on a Free Trade Agreement (FTA) between India and the European Union (EU) will be reached within this year.
According to the Associated Press and other sources on June 17, Prime Minister Modi, following a summit with Cyprus President Nikos Christodoulides in Cyprus the previous day, stated at a joint press conference, "We are working to conclude a mutually beneficial India-EU trade agreement by the end of this year."
President Christodoulides also announced, "Cyprus will make strengthening India-EU relations and the FTA a top priority during its tenure as the EU's rotating presidency." Cyprus is scheduled to assume the EU's rotating presidency in the first half of next year.
The two leaders also agreed that the India-Middle East-Europe Economic Corridor (IMEC), which connects India, the Middle East, and Europe, could serve as a means to bring peace and prosperity to the Middle East region.
India is currently pursuing the construction of a large-scale maritime and rail transportation network that will connect India, pass through the Middle East, and extend to Europe.
President Christodoulides stated that Cyprus serves as a gateway for India to enter Europe and could become a base for Indian companies, pledging active support for the implementation of the IMEC infrastructure project.
The two countries also agreed to strengthen their defense relations and to begin consultations aimed at enhancing bilateral cooperation in maritime and cyber security. In addition, they agreed to establish an information-sharing system to respond to terrorist threats.
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