Ireland’s Minister for Enterprise, Trade, and Employment, Simon Coveney, has voiced optimism regarding the potential breakthrough in the India-European Union Free Trade Agreement (FTA), anticipating significant progress in the latter half of the year. With bilateral trade already amounting to Euro 10 billion annually, both nations stand on the threshold of deeper collaboration, fostering economic ties that promise mutual benefits.
As part of its trade visit agenda, Ireland is seeking to strengthen economic ties with India and deepen business collaboration. With a growing emphasis on sectors like fintech, aviation, and medical technology, both nations are poised to unlock new avenues for mutual growth and prosperity.
Índia-EU FTA
“Realistically, we’re probably looking at the second half of the year being a more likely time for a breakthrough there rather than the first half,” Minister Coveney said at a media interaction in Delhi. He highlighted the pragmatic approach required amidst ongoing election cycles and underscored the importance of navigating complex negotiations to secure a mutually beneficial agreement.
Digital Payment
Minister Coveney lauded India’s advanced payments system, remarking, “Hugely impressive. Everybody is buying and selling using their mobile phones.” This recognition underscores India’s strides in digital innovation and its transformative impact on everyday transactions.
In response to a query the minister highlighted the vast opportunities India presents for Irish companies. “India is a dynamic and huge growth market. There are very few economies in the world that are growing at the pace that we are seeing here in India,” he stated, reaffirming Ireland’s commitment to fostering partnerships and seizing opportunities in this burgeoning market.
Emphasizing the potential for collaboration, Minister Coveney highlighted areas such as financial technology, cybersecurity, and aviation as ripe for partnership. “There are huge opportunities for growth,” he affirmed, underlining the diverse avenues for mutual benefit in both nations’ economic landscapes.
“We have an annual trade between India and Ireland that’s worth about 10 billion euros per year. But we think that we can create a much- much bigger trade relationship in the years ahead,” Minister Coveney expressed, signalling Ireland’s ambition for deeper economic engagement with India.
Gaza & Ukraine
In Delhi on March 14, 2024, the Irish minister had a meeting with External Affairs Minister S Jaishankar and had a positive discussion on new areas of collaboration between India and Ireland. And they both also exchanged views on Gaza and Ukraine.
India’s influential role on the global stage was acknowledged by Minister Coveney, particularly in addressing pressing conflicts. “India is a powerful voice internationally. I hope [it] can play [a] role” in promoting ceasefire and humanitarian aid efforts in conflict zones like Gaza, he stated, highlighting India’s potential to effect positive change on the world stage.
Geopolitical tensions worldwide have prompted countries and multinationals to reassess their supply chains, with India emerging as a reliable partner for Ireland. Minister Coveney noted, “There is probably more uncertainty now in terms of globalization and international supply chains than at any time in my political lifetime.” In this context, India’s stability and predictability offer reassurance for future collaboration across sectors.
Ireland & Education
Highlighting the growing educational ties between Ireland and India, Minister Coveney remarked on the significant increase in the number of Indian students studying in Ireland. “Undoubtedly, you are seeing Indian students coming to Ireland and studying technology-based courses now an awful lot more,” he observed, underscoring the role of education in fostering bilateral connections.
Enterprise Ireland
Enterprise Ireland, the agency facilitating business collaboration between Ireland and India, has been instrumental in nurturing economic ties. “Ireland is seeing interesting movement in the Indian Fintech industry,” noted Jenny Melia, Executive Director of Enterprise Ireland, highlighting the agency’s focus on enhancing support for Irish companies in India and facilitating Indian companies’ expansion into the European market through Ireland.