PM Modi says both sides launched Indo-Germany partnership on sustainable development.

 on Monday committed to provide additional support worth euro 10 billion to India by 2030 to support green growth initiatives. The commitment came during Prime Minister Narendra Modi’s visit to the country — his first trip abroad this year.

India and  also agreed to work together on joint projects in third countries in an apparent signal to counter China’s debt-driven infra financing model. PM Modi held bilateral talks with Cha­ncellor Olaf Scholz and participated in the sixth round of Inter-Governmental Con­sultations (IGC) between the two countries.

intends to strengthen its fin­ancial and technical cooperation and other assistance to India with a long-term goal of at least euro 10 billion of new and additional commitments till 2030 under this partnership. This will support inter alia the achievement of their ambitious goals in the climate action and sustainable developm­ent space, further promote German-Indian research and development (R&D), encourage private investment and thus aim at leve­raging further funding. India and Germ­any stress the importance of swift imp­l­e­mentation of existing and future commitments,” both sides said in a joint statement.

Thanking Scholz for the fresh financial commitment, Modi said: “Both sides launched Indo-Germany partnership on green and sustainable development. By raising its climate ambition in Glasgow, India has shown that for us green and sustainable growth is an article of faith.”

Both sides agreed to work together on triangular cooperation, based on individual strengths and experiences in development cooperation and offer sustainable, viable and inclusive projects in third countries to support the achievement of sustainable development goals and climate targets. “This effort will provide an alternative to the developing world for transparent and sustainable project finance,” Modi said.

Keeping in mind the complementary stance of both countries, India and Ger­many decided to launch a green hydrogen taskforce. “This will be beneficial to expand green hydrogen infrastructure in both countries,” Modi said.

The two countries expressed their “str­ong support” for the upcoming negotiations between the European Union and India on a Free Trade Agreement, an Investment Protection Agreement and an Agreement on Geographical Indications, and underlined the enormous potential of such agreements for expanding bilateral trade and investment. Negotiations for the proposed FTA are expected to begin in June, after the World Trade Organisation’s (WTO’s) 12th ministerial meeting. EU ambassador to India Ugo Astuto on Friday told reporters that both sides hope to finalise a comprehensive free trade deal by early 2024.

The countries also decided to negotiate a bilateral agreement on a comprehensive Migration and Mobility Partnership by initi­a­ting the draft agreement in English. “They agreed to take action to swiftly sign the agreement and bring it into force. They highlighted the importance of this agreement in facilitating two-way mobility of students, professionals and researchers as well as addressing the challenges of illegal migration,” the joint statement said.

Modi said today’s sixth IGC has given new direction to India-Germany cooperation. “This IGC has given significant guidance to our cooperation in energy and environment. I am confident that today’s de­c­isions will have a positive impact on the future of our region and the world.”

The countries highlighted the importance of the World Trade Organisation as the centre of the multilateral trading system and central pillar of integrating developing countries into the global trading system. “Both governments committed to reforming the WTO with the objective of strengthening its principles and functions, especially, preserving the two-tier Appellate Body, along with the autonomy of the Appellate Body,” the joint statement said.

Source: Business Standard