EU-India: boosting cooperation from businesses to climate

Posted by Global technology interface on November 15, 2022

The EU and India 

Over the years, India's relations with the European Union have been based on the concepts of collaboration, shared values, and a shared interest in promoting world peace, security, and development. This makes them ideal partners and stabilizers of the current global order. Together, they have the means to forge a connection that will continue to develop over the ensuing decades, allowing them to build a dynamic future for their combined population of 1.8 billion. This relationship significantly determines international relations, mainly how the global commercial system is governed. As international relations evolve rapidly, EU-India strategic partnership is not just about trade and geopolitics but also about how the world’s two largest democracies will face tomorrow.

Cooperation between the EU and India has increased by several folds in recent years. India has one of the largest and fastest-growing economies in the world and is a critical participant in the administration of the global economy. India is already a significant trade and investment partner for the EU and has the potential to become even more so. With an IMF-projected annual GDP growth rate of nearly 8%, it represents a significant and vibrant market and would be the fastest-growing emerging economy. After the United States (11.6%) and China (11.4%), the EU is India's third-largest commercial partner, accounting for €88 billion in goods trade in 2021, or 10.8% of all commerce in India.

EU-India Relationship

In 2004, the EU and India committed to a global order based on rules centered on multilateralism and signed a partnership. This alliance was built on shared ideals. Trade negotiations were first initiated in 2007 but have been halted since 2013. The EU and India approved a roadmap for strategic cooperation through 2025 in 2020. A report urging cooperation between the EU and India to address geopolitical issues was endorsed by Parliament in 2021.

EU-India Economic Relations

Trade and investment between the two partners have already increased due to closer ties. For instance, commerce between the EU and India expanded by 70% between 2009 and 2019, while the EU's share of inbound foreign investment increased from 8% to 18% during the same time frame. Over 6,000 European businesses operate in India, supporting 1.7 million direct jobs and about five million indirect jobs.

Combatting Climate Change

The world's third and fourth most significant greenhouse gas emitters, the EU and India, are interested in preventing climate change and accelerating the shift to a sustainable economy.

India’s stake in EU-Green Deal

Transitional and adaptable policies are necessary for an adequate response to the problems posed by climate change. Hence the EU and India must restructure their current partnership. The European Green Deal eliminates the conundrum of climate transitions by making clear-cut, legally-binding pledges on climate action. With this bold move, the EU can create new forms of diplomacy and credibly encourage climate action worldwide. The EU Green Deal is a chance to develop the collaboration between the EU and India and to promote ties in areas that have not yet been sufficiently explored. Cleaner finance, better information exchange, higher investment in emerging industries, improved cooperation for technological development and transfer, and clean technologies are a few of these. India cannot afford to miss out on this socioeconomic and political advancement since it has set a goal of being a net-zero economy by 2070 and goal of adding 500 GW of non-fossil energy capacity by 2030. This new dynamic in India's relationship with the EU in the modern world goes beyond commerce.

Leveraging this market potential, in the context of business collaboration Global Technology Interface is a platform that acts as the Technology Displayer where products and solutions are displayed and showcased to enable interested parties to discover one another and further help in forging a working relationship for their betterment and that of the society.

Through GTI, people can know about the latest developments in cleantech, biotech, ICT, and overall technological advancements and seek knowledge and information. Not only do they access news about the latest collaborations and products invented, but also, through various content and articles shared online, communities like researchers or students can improve their learnings and strengthen their knowledge base.

This platform houses details of companies, entrepreneurs, MSMEs, start-ups, and R&D institutions from across the globe, especially in India and European Union, to showcase innovative technologies and facilitate collaborations in technology, science, research, and business on a global platform in a sustained manner.

Some of the European and Indian companies which are hosted on this platform are enumerated below:

1. Spacelayer Technologies is a startup company of Instituto Pedro Nunes and a spin-off of Primelayer and Universidade de Coimbra of Portugal. The company is the interface between a theoretical and computational chemist researcher, Pedro, and a geographer, Paulo, with excellent knowledge of Geographical Information Systems (GIS) and the environment. 

2. Vertliner, a Greek company, provides an integrated platform driven by autonomous aerial robots and AI-enabled software for digitalizing indoor environments and transforming physical processes into digital assets.

3. OmniOpti, provides advanced solutions in various fields of Smart City operations. The core competence of OmniOpti is Logistics / Mobility, specifically advanced algorithms for alternative routes, which can be used in the route optimization process. They can also offer knowledge in the fields of Artificial Intelligence and Blockchain technology.

4. MinionLabs India Private Limited is the world leader in energy efficiency for cities, businesses, and consumers for the internet of things. Artificial intelligence-based products, systems, and services enable the user to be energy efficient, reduce carbon footprint, prevent climate change and make people's lives safer and comfortable; businesses are more productive and cities more sustainable.

5. Clearford is a new kind of water management Indian company. They deliver complete water infrastructure solutions with sector-leading efficiency and reliability. The comprehensive service offering combines innovative water and wastewater technologies with complete solutions design, approvals, deployment, operations, regulatory compliance, and project finance services.

As India marks its seventy-sixth anniversary of independence celebrations, it is a tribute to the nation's citizens who have contributed significantly to the country's advancement and possess the strength and capacity to carry forward the aspirations of all Indians, inspired by the spirit of Atmanirbhar Bharat (Self-reliant India). Additionally, as the EU and India mark 60 years of bilateral relations, this is a "defining moment" in their relationship that will influence how India and the EU interact in the future. Their capacity to change and willingness to impart their ethos and beliefs to others will determine this outcome.

Suppose you are a technology company in this sector. In that case, you can register on the technology platform Global Technology Interface® (GTI ®) as a tech displayer to showcase and deploy your technologies to promote the circular economy and browse through the existing opportunities and technologies to explore collaborations. Given the massive opportunity in this sector, the platform can support you with accessing new markets and leveraging opportunities in this sector.

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