Bolstering Economic Ties: A New Era of India-Ukraine Economic Cooperation

In an unparalleled diplomatic engagement, Prime Minister of India, H.E. Narendra Modi visited Ukraine on 23 August 2024, heeding the invitation extended by the President of Ukraine, H.E. Volodymyr Zelenskyy. This momentous visit marked the first ever official journey of an Indian Prime Minister to Ukraine since the diplomatic relations were established between the two countries back in 1992.

A Glimpse into Economic, Scientific, and Technical Cooperation:

The visit set the stage for in-depth discussions between the two leaders, centering around the amplification of bilateral cooperation across diverse fields such as trade and commerce, agriculture, pharmaceuticals, defense, education, science and technology, and culture. Moreover, an ambition to forge stronger partnerships in digital public infrastructure, industry, manufacturing, and green energy was underscored, advocating for increased engagement from business and industry circles of both nations.

Both leaders accentuated the Indian-Ukrainian Intergovernmental Commission on Trade, Economic, Scientific, Technical, Industrial and Cultural Cooperation (IGC) as a pivotal conduit for nurturing a future-oriented and robust economic bond between India and Ukraine.

Admiration was expressed for the review of the IGC that took place during the visit of the Minister for Foreign Affairs of Ukraine to India in March 2024, alongside the proactive efforts to convene the meetings of the Joint Working Groups, aiming for the early organization of the 7th Session of the IGC at a mutually agreeable timeframe in 2024. The Ukrainian delegation also received the nomination of the External Affairs Minister of India, Dr. S. Jaishankar, as the Co-Chair/Chairperson of the IGC with open arms.

Acknowledging the dip in the annual bilateral trade in goods post-2022, attributed to the adversities spawned by the ongoing conflict, the leaders mandated the Co-Chairs of the IGC to identify all conceivable avenues not just to reinstate bilateral trade and economic relations to their former glory but to further enhance and deepen them.

A call was made to ameliorate the ease of doing business, encouraging the obliteration of trade and commerce barriers between India and Ukraine. This directive goes hand in hand with the encouragement for higher engagement at official and business levels to spearhead joint projects, collaborations, and business ventures.

Key Highlights:

• Agriculture: A reaffirmation of the solid agricultural ties, with an emphasis on enhancing bilateral interaction and market access through harmonization of standards and certification procedures.
• Pharmaceutical Sector: A shared aspiration for more market access and the facilitation of investments and joint ventures, especially concerning testing, inspection, and registration procedures. The 3rd Meeting of the Indian-Ukrainian Joint Working Group on Pharmaceutical Cooperation in August 2024 took place virtually, underlining the sector’s importance. India was lauded as a reliable provider of affordable and high-quality medicines.
• Educational and Scientific Cooperation: Both nations agreed to speed up the work on broadening the legal framework of bilateral relations, touching upon mutual investment protection and mutual recognition of educational documents and academic degrees. Successful projects under the India-Ukraine agreement on scientific and technological cooperation were recognized, encouraging regular exchanges in promising fields such as ICT, AI, biotechnology, and green energy.

This historic visit embarks on a new chapter in the India-Ukraine diplomatic narrative, aiming to catalyze comprehensive cooperation and partnership across multiple spectrums, fostering mutual growth and development.

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