Nicosia [Cyprus], December 30 (ANI): Cyprus International Minister Ioannis Kasoulides on Friday mentioned that his nation supported the momentum of negotiations on the EU-India Free Commerce Settlement.
Talking at a enterprise occasion in Cyprus, Kasoulides mentioned, "There's recognition of the nice scope for additional cooperation to relations between the European Union and India. On this respect, we help the momentum of the negotiations of the EU-India Free Commerce Settlement. Cyprus is a powerful voice inside the EU, and there's a must strengthen tangibly EU-India relations."India and the European Union concluded the primary spherical of negotiations for the India-EU Commerce and Funding Agreements, together with the Geographical Indicators (GI) in July 2022. The second spherical of negotiations passed off in September 2022 in Brussels.
India's bilateral commerce with the EU amounted to USD 116.36 billion in 2021-22. Regardless of the worldwide disruptions, the bilateral commerce achieved a powerful annual progress of 43.5 per cent in 2021-22, reported the Ministry of Commerce and Business press launch.
At present, the EU is India's second-largest buying and selling associate after the US and the second-largest vacation spot for Indian exports.
The commerce settlement with the EU would assist India additional develop and diversify its exports of products and companies, together with securing the worth chains. Each side are aiming for the commerce negotiations to be broad-based, balanced, and complete, primarily based on the rules of equity and reciprocity.
Congratulating the Excessive Fee of India for the group of a wonderful initiative, which goals to reinforce the bilateral, financial and enterprise relations between the 2 nations, Cyprus FM mentioned, "As we speak's occasion comes at a really well timed juncture, as it's happening within the presence of Exterior Affairs Minister, S Jaishankar. I had the pleasure yesterday to welcome him on the International Ministry, the place we had the chance to debate a plethora of overseas coverage points, pertaining to our bilateral, regional and European agenda."Cyprus and India have historically shared wonderful relations and have widespread historic experiences - parameters just like the battle for freedom towards colonialism and the mutual adherence to world values of peace, democracy, human rights, peaceable decision of disputes, and rule of regulation have introduced folks nearer and solidified the inspiration of robust friendship between the 2 nations.
"Through the years, the 2 nations have constructed on these historic ties as testified by our joint membership and energetic participation within the Commonwealth, the United Nations and different worldwide for a," mentioned Kasoulides.
He mentioned that India is a key participant within the political and financial areas. It performs an vital and stabilizing function within the neighbourhood of South Asia, setting an instance with its stand on peace, safety, stability and prosperity.
"In the identical vein, India has steadfastly stood in favour of reunifying Cyprus by a complete settlement, consistent with UN Safety Council resolutions," mentioned Kasoulides.
The present problem between Cyprus and Turkey is an ongoing dispute between Greek Cypriots within the south and Turkish Cypriots within the north. In response to a latest report by American broadcaster Voice of America (VOA), tensions between Greece and Turkey over the divided island of Cyprus seem like escalating.
The multifaceted Cyprus-India partnership has steadily been rising stronger lately. The advantage of our 60-year-long friendship gives each nations with a singular alternative to surge forward exploring new areas of cooperation.
"It's exactly for these causes that enhancing relations with India varieties one of many core pillars of our overseas coverage. Financial ties are a typical denominator to this effort and that's the reason the Minister of International Affairs of India is striving to improve this relationship, working intently with different stakeholders in Cyprus, each within the non-public and public sectors," mentioned Kasoulides.
He mentioned that there's an array of fields, the untapped potential for cooperation in commerce and investments, equivalent to renewable power, monetary companies, science and expertise, data, communication expertise, analysis and innovation, prescription drugs, delivery, tourism and training.
The Cyprus minister additionally talked concerning the challenges that the world financial system confronted.
"Our world and our economies are confronted with monumental challenges, just a few years in the past we needed to take care of the pandemic and subsequent recession and disruptions of worth chains and extra not too long ago the struggle in Ukraine, the meals and power disaster, in addition to, inflation," mentioned Kasoulides.
Presenting Cyprus for Indian investments, he mentioned that the nation's most important financial coverage purpose is "inexperienced and digital transition.""Regardless of the hardships, Cyprus's financial system reveals signal of regular progress and stays dedicated to its coverage for wholesome public funds and constructive structural reforms which purpose at enhancing the competitiveness of the financial system. It's famous that one of many most important pillars of our financial coverage is the 'inexperienced and digital transition' of the nation, supported by funding from the EU," mentioned Kasoulides.
"It presents many alternatives for investments throughout all sectors and we're strongly dedicated to working along with India with an purpose to strengthen our vital partnership - political and financial at a bilateral and multilateral degree. I'm sure that at this time's occasion will convey us one step nearer to this aim," he added.
He mentioned that Cyprus's financial system is secure and is constantly working in direction of enhancing its enterprise local weather.
"For 2022, the GDP progress is anticipated to be round 5.7 per cent and the projections for 2023 are round 3 per cent reflecting heightened world uncertainty. Inflation has been rising since September 2021, primarily on account of larger oil costs. 2022 figures are estimated round 7.7 per cent and for 2023 is about 3 per cent. It's subsequently clear that Cyprus's financial system is secure and is constantly working in direction of enhancing its enterprise local weather," mentioned the Cyprus minister. (ANI)
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