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October 25, 2024 9:27 PM

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Bilateral Trade Reaches $33 Billion in 2023; German Investments in India Near $15 Billion, Says Foreign Secretary Vikram Misri

Prime Minister Narendra Modi and German Chancellor Olaf Scholz touched on important regional and global issues during their bilateral talks today, including the Russia-Ukraine conflict and the situation in West Asia. Briefing the media in New Delhi this afternoon on the German Chancellor’s visit, Foreign Secretary Vikram Misri said the high point of the visit was the inter-governmental consultations, which were co-chaired by both leaders. He said the bilateral relationship was reviewed across multiple pillars today, including foreign policy, security, economy and commerce, green sustainable development cooperation, and critical and emerging technologies, as well as mobility and migration. Mr. Misri emphasised that the visit comes at a time when there is a keen desire across party lines in Germany to further strengthen relations with India.

 

The two leaders expressed satisfaction at the considerable progress that has been made in diverse sectors. Relations between India and Germany have been on a constant upswing in recent years. The Foreign Secretary informed that bilateral trade stood at 33 billion dollars in 2023, and cumulative German investments in India amount to nearly 15 billion dollars. He said that while substantial progress has been made, significant potential in the relationship remains to be exploited.

 

On the India-EU Free Trade Agreement, the Foreign Secretary said India values Germany’s support in the ongoing negotiations. He said that Germany understands that the expeditious conclusion of the India-EU FTA is a strategic imperative, especially considering the larger global environment. Mr. Misri said that around 50,000 Indian students form the largest cohort of foreign students in Germany.