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Bilateral trade has increased by more than twofold to over USD 1.3 billion over the past three years
The 5th Round of India-Romania Foreign Office Consultations (FOCs) held in Bucharest on Monday (June 12, 2023) saw a thorough review of bilateral ties with discussions centered around greater cooperation in key sectors like trade & investment, science & technology, defence, and renewable energy.
The Indian delegation, led by Secretary (West), Ministry of External Affairs Sanjay Verma, engaged in productive discussions with their Romanian counterparts, led by Secretary of State for Global Affairs and Diplomatic Strategies, Ministry of Foreign Affairs Traian Laurentiu Hristea.
During the FOCs, both sides reviewed their bilateral relations and discussed the way forward in crucial sectors such as Agriculture, Health, S&T, Defence, Space, Migration and Mobility, and Renewable energy, the Ministry of External Affairs (MEA) said.
The FOC comes at a time when India and Romania are commemorating 75 years of diplomatic ties. A significant feature of the relationship is that bilateral trade has increased by more than twofold to over USD 1.3 billion over the past three years.
Indian investments in Romania have increased significantly in recent years, totaling over USD 1.7 billion, with over 550 Indian enterprises setting up shop there. At the same time, 50 Romanian businesses have entered the Indian market. Discussions during the consultations were focussed on encouraging greater bilateral trade and investments, the MEA said.
Furthermore, both sides expressed their viewpoints on regional and global issues of relevance, underscoring their common worries and goals. Their discussions included subjects including Afghanistan, Ukraine, the European Union, UN reforms, a prospective free trade agreement between India and the EU, and India's forthcoming G20 presidency.
Secretary (West) Verma also met with Biró Rozália-Ibolya, Chairwoman of the Committee for Foreign Affairs, House of Deputies of the Romanian Parliament. The meeting fostered closer parliamentary ties and emphasized the commitment of both nations to strengthening inter-parliamentary cooperation.
The two sides agreed that the next FOC would take place in early 2024 in India.
The Indian delegation, led by Secretary (West), Ministry of External Affairs Sanjay Verma, engaged in productive discussions with their Romanian counterparts, led by Secretary of State for Global Affairs and Diplomatic Strategies, Ministry of Foreign Affairs Traian Laurentiu Hristea.
During the FOCs, both sides reviewed their bilateral relations and discussed the way forward in crucial sectors such as Agriculture, Health, S&T, Defence, Space, Migration and Mobility, and Renewable energy, the Ministry of External Affairs (MEA) said.
The FOC comes at a time when India and Romania are commemorating 75 years of diplomatic ties. A significant feature of the relationship is that bilateral trade has increased by more than twofold to over USD 1.3 billion over the past three years.
Indian investments in Romania have increased significantly in recent years, totaling over USD 1.7 billion, with over 550 Indian enterprises setting up shop there. At the same time, 50 Romanian businesses have entered the Indian market. Discussions during the consultations were focussed on encouraging greater bilateral trade and investments, the MEA said.
Furthermore, both sides expressed their viewpoints on regional and global issues of relevance, underscoring their common worries and goals. Their discussions included subjects including Afghanistan, Ukraine, the European Union, UN reforms, a prospective free trade agreement between India and the EU, and India's forthcoming G20 presidency.
Secretary (West) Verma also met with Biró Rozália-Ibolya, Chairwoman of the Committee for Foreign Affairs, House of Deputies of the Romanian Parliament. The meeting fostered closer parliamentary ties and emphasized the commitment of both nations to strengthening inter-parliamentary cooperation.
The two sides agreed that the next FOC would take place in early 2024 in India.
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