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Nicosia [Cyprus]Dec 30 (ANI): Cyprus supports the momentum in the EU-India Free Trade Agreement negotiations, Cyprus Foreign Minister Ioannis Kasoulides said on Friday.
Speaking at a business event in Cyprus, Kasurides said: “It is recognized that the relationship between the EU and India has a lot of room for further cooperation. In this regard, we support the momentum of the EU-India free trade agreement negotiations .Cyprus is a strong voice within the EU and there is a need to actually strengthen EU-India relations.”
India and the EU concluded the first round of negotiations on the India-EU trade and investment agreement, including geographical indications (GIs), in July 2022. The second round of negotiations will be held in Brussels in September 2022.
Bilateral trade between India and EU in 2021-22 is worth $116.36 billion. According to a press release from the Ministry of Commerce and Industry, despite global disruptions, bilateral trade registered an impressive annual growth rate of 43.5% in 2021-22.
Currently, the EU is India’s second largest trading partner after the United States, and it is also India’s second largest export destination.
A trade agreement with the EU will help India further expand and diversify its exports of goods and services, including protecting value chains. Both parties are committed to making trade negotiations broad-based, balanced and comprehensive, based on the principles of fairness and reciprocity.
Cyprus FM congratulates the Indian High Commission for organizing an excellent initiative aimed at strengthening the bilateral, economic and commercial relations between the two countries, “Today’s event came at the right time as it took place in the presence of Foreign Minister S Jaishankar. I was very pleased yesterday By welcoming him at the Foreign Office, we have the opportunity to discuss a wide range of foreign policy issues related to our bilateral, regional and European agenda.”
Cyprus and India have traditionally enjoyed good relations and shared historical experiences – parameters such as the fight for freedom against colonialism and mutual adherence to global values such as peace, democracy, human rights, peaceful resolution of disputes and the rule of law have brought people closer and strengthened both countries The foundation of deep friendships.
“The two countries have built on these historical ties over the years, as evidenced by our mutual membership and active participation in the Commonwealth, the United Nations and other international organisations,” Kasoulides said.
He said India is a key player in the political and economic spheres. It plays an important stabilizing role in the surrounding areas of South Asia, setting an example in terms of peace, security, stability and prosperity.
“Similarly, India strongly supports the reunification of Cyprus through a comprehensive solution, in line with UN Security Council resolutions,” Kasoulides said.
The current issue between Cyprus and Turkey is the ongoing dispute between Greek Cypriots in the south and Turkish Cypriots in the north. Tensions between Greece and Turkey over the divided island of Cyprus appear to be escalating, according to a recent report by the American broadcaster Voice of America (VOA).
The multifaceted Cyprus-India partnership has steadily strengthened in recent years. Our 60-year friendship offers both countries a unique opportunity to forge new areas of cooperation.
“It is for these reasons that strengthening relations with India has become one of the core pillars of our foreign policy. Economic relations are the common denominator of this effort, which is why the Indian Foreign Minister is working to enhance this relationship, with Cypriot private and other stakeholders in the public sector,” Kasoulides said.
He said that the two countries have great potential for trade and investment cooperation in renewable energy, financial services, science and technology, information, communication technology, research and innovation, medicine, shipping, tourism, education and other fields.
The Cypriot minister also spoke about the challenges facing the world economy.
“Our world and our economy face enormous challenges, having had to deal with the pandemic and subsequent recession and disruption of value chains a few years ago, and more recently the war in Ukraine, the food and energy crises, and inflation,” Card Surides said.
Introducing Cyprus to attract Indian investment, he said the country’s main economic policy objective was “green and digital transformation”.
“Despite the difficulties, Cyprus’ economy has shown signs of steady growth and remains committed to its healthy public fiscal policy and constructive structural reforms aimed at improving the competitiveness of the economy. It is worth noting that the main pillars of our economic policy One is the ‘green and digital transformation’ of the country, funded by the European Union,” Kasoulides said.
“It offers many opportunities for investment across all sectors and we are firmly committed to working with India to strengthen our important bilateral and multilateral political and economic partnerships. I am confident that today’s event will take us a big step further close to that goal,” he added.
He said that Cyprus has a stable economy and continuous efforts to improve the business environment.
“GDP growth in 2022 is projected to be around 5.7%, and the forecast for 2023 is around 3%, reflecting heightened global uncertainty. Inflation has been on the rise since September 2021, mainly due to higher oil prices. 2022 The figure is estimated at around 7.7%, and around 3% by 2023. So, it is clear that Cyprus has a stable economy and is making continuous efforts to improve its business environment,” said the Cyprus Minister. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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