Businesses from both sides explored potential cooperation in defence production, maritime and manufacturing, among others.
Ancient synergies have marked the traditional relationship between India and countries on the Mediterranean rim. The Mediterranean is a historically significant region that has facilitated land and maritime trade between the East and West for millenniums. A diverse region spread across the three continents of Europe, Asia and Africa, the 28 countries stand at different levels of economic development.
Together, they comprise a critical group facilitating approximately 25 percent of global maritime trade. The sea economies have a collective GDP of approximately $10.5 trillion. India's total trade with the region was about $76.2 billion in 2023-24 across three major sub-regions of Mediterranean Europe, West Asia and North Africa.
Similarly, India has also played a crucial role in facilitating global trade with its central location in the Indo-Pacific. As India becomes a $5 trillion economy in the coming years and a leading global growth engine, it seeks to build new relationships in the world. It is in this context that India emerges as a crucial partner and friend of the Mediterranean nations. A continuation of India and the Mediterranean's historic bilateral trade ties would be a fruitful partnership for both regions. This is set to emerge as a multidimensional cooperation agenda, embracing various sectors.
To begin with, one key initiative to facilitate the partnership is the India-Middle East-Europe Economic Corridor (IMEC).
This story is from the September 26, 2024 edition of The New Indian Express.
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This story is from the September 26, 2024 edition of The New Indian Express.
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