Minister of State for Commerce and Industry, Jitin Prasada, met with Romania’s Minister Oana-Silvia Țoiu in Bucharest to discuss enhancing bilateral relations. The key focus of the meeting was on boosting trade, attracting investment, and strengthening resilient supply chains within the broader context of the India-European Union (EU) economic framework. Both leaders emphasized the importance of building a robust trade relationship that benefits both countries and sets the stage for future growth.
India-EU Free Trade Agreement (FTA) on the Horizon
During the meeting, both ministers expressed a shared commitment to advancing the India-EU Free Trade Agreement (FTA). They agreed to work towards the conclusion of a fair and balanced trade deal that benefits both India and the EU. The goal is to finalize the FTA within the current year, ensuring that it brings mutual economic advantages and supports the growth of trade and investment between the regions. This agreement is seen as a crucial step in fostering stronger economic ties between India and the EU.
Review of Trade and Investment Between India and Romania
The meeting also provided an opportunity to review the current state of trade and investment relations between India and Romania. India’s exports to Romania reached an impressive 1.03 billion dollars in the financial year 2024-25. Additionally, overall bilateral trade between the two countries amounted to approximately 2.98 billion dollars in the previous financial year (2023-24). This growth underscores the strong and stable trade relations that have developed over the years.
Both sides acknowledged the potential for further enhancing these economic exchanges and discussed various avenues for expanding cooperation. With India’s growing presence in Europe, Romania is seen as a key partner in strengthening economic ties in the region.
Expanding Supply-Chain Linkages and Investment Opportunities
One of the key takeaways from the discussions was the commitment to deepen supply-chain linkages in priority sectors. The two ministers highlighted areas such as petroleum products, engineering goods, pharmaceuticals, and ceramics, which have significant potential for further cooperation. Both sides agreed on the importance of facilitating collaboration in these sectors, as they are vital to enhancing economic resilience and boosting trade between India and Romania.
Furthermore, they explored ways to collaborate in areas such as standards, testing, and investment partnerships. These areas are crucial for improving market access on both sides and ensuring that both countries can capitalize on emerging business opportunities. By strengthening these supply chains, both India and Romania aim to create more stable and efficient trade routes that benefit businesses and consumers in both countries.
The meeting between Jitin Prasada and Oana-Silvia Țoiu marks a significant step forward in enhancing the trade and investment relations between India and Romania. The discussions reflect both countries’ desire to build on their existing economic ties and create a more resilient, integrated economic partnership. With an eye on the India-EU Free Trade Agreement and the expansion of key sectors, the bilateral cooperation between India and Romania is set to grow in the coming years, contributing to the broader goal of strengthening India-EU economic relations.
