Context:
India and Ireland agreed to establish a Joint Economic Commission (JEC) to enhance cooperation on trade and international economic matters.
More on the news:
- The visit by External Affairs Minister (EAM) S. Jaishankar to Ireland is the first such visit by an Indian Foreign Minister in a decade.
- It marks a significant milestone in the development of India-Ireland relations, following Prime Minister Narendra Modi’s visit to Ireland in 2015.
- India and the EU, of which Ireland is a member, also agreed to finalize their long-pending Bilateral Trade Agreement (BTA) by the end of 2025.
About the JEC:
- The JEC will focus on issues such as the World Trade Organization (WTO) and other global economic issues.
- The Commission will meet once every two years at the senior official level, and a formal agreement is expected to be signed later this year.
- The establishment of the JEC will allow both nations to consult more closely on trade and economic priorities.
Key Discussion Points and Areas of Cooperation
- Bilateral discussions covered emerging sectors like cybersecurity, AI, fintech, and semiconductors.
- Ireland is a significant player in the semiconductor industry, hosting half of the world’s top 30 semiconductor companies, an area in which India is keen to expand its presence.
- Bilateral trade between India and Ireland currently stands at approximately 16 billion euros (17.33 billion USD).
Diplomatic Ties and New Initiatives:
- A diplomatic exchange program was also signed, which will facilitate annual exchanges of diplomats between India and Ireland.
- Ireland’s “Action Plan” for bilateral ties, focusing on the development of long-term diplomatic and economic relations, was also discussed.
- Both countries acknowledged the importance of collaboration on global issues.
Cultural and Historical Connections:
- The Indian EAM emphasized the historical and cultural connections between India and Ireland, noting the shared colonial history under the British Empire.
- He highlighted Ireland’s role in supporting Indian independence and reflected on Ireland’s freedom struggle, particularly the 1916 Easter Rising.
Educational and Immigrant Links:
- A significant increase in educational and immigrant ties was noted, with the number of Indian students in Ireland growing from 700 in 2013 to nearly 7,000 in 2023.
- Ireland’s Indian immigrant population has also seen a 170% increase since 2016, contributing to a total of around 30,000 Irish Indians, part of a larger Indian community of 80,000 in Ireland.