News in Shorts
Posted 27 Jul 2024
6 min read
India-Italy Strategic Partnership
Prime Ministers of India and Italy reviewed the progress on the sidelines of G7 Summit and agreed to strengthen cooperation in global and multilateral initiatives, including India-Middle East-Europe Economic Corridor (IMEC).
Key aspects of Bilateral Partnership
Political
- Political relations between the two countries were established in 1947 which was elevated to Strategic Partnership in 2023.
- In a Virtual Summit in 2020, 2020-2025 Action Plan was adopted that set an ambitious agenda for an enhanced Partnership between the countries.
Economic
- Italy is India’s 4th largest trading partner in the EU, after Germany, Belgium, and Netherlands.
- Indo-Italian Joint Economic Commission Cooperation has been in existence since 1976.
- Migration and Mobility Partnership Agreement signed in 2023 to ensure safe and legal migration.
Technology
- News Science & Technology Co-operation Agreement signed in Nov 2003, with prime areas of joint research including Electronics, Biotechnology, Energy, etc.
- New Executive Programme of Cooperation for 2025-27 to promote joint research and development in Science & Technology.
Defence and Security
- In 2023, Italy joined Indo-Pacific Ocean Initiative’s Science and Technology Pillar.
- Joint Military exercises: PASSEX Exercise, MILAN (Naval Exercises).
Cooperation in Multilateral bodies
- Italy joined India-led International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuels Alliance, and IMEC.
- Tags :
- PASSEX Exercise
- India-Italy Strategic Partnership
- India-Middle East-Europe Economic Corridor (IMEC)
INDUS-X Initiative Marks One-year Anniversary
India-US Defence Acceleration Ecosystem (INDUS-X) was launched in June 2023 to build defence innovation bridge between two countries under initiative on Critical and Emerging Technologies (iCET).
- INDUS-X facilitates partnerships among U.S. and Indian defense companies, incubators and accelerators, investors, and universities.
Achievements of INDUS-X
- Commercial collaborations between defence companies of two countries in various defence domains such as intelligence, surveillance, and reconnaissance (ISR) and semiconductors.
- Exploration of modalities for joint innovation funding between two countries.
- Indus-X Gurukul: A hybrid information series for U.S. and Indian defense start-ups.
- Industry-Academia linkage: Exchange of best practices on technology transfer and licensing, advancing research in emerging defence technology domains etc.
India-US Defence Technology Cooperation
- In 2016, US designated India as a “Major Defence Partner”.
- Defence agreements include:
- Logistics Exchange Memorandum of Agreement (LEMOA) in 2016,
- Communications Compatibility and Security Agreement (COMCASA) in 2018,
- Industrial Security Agreement in 2019 and
- Basic Exchange and Cooperation Agreement (BECA) in 2020.
- iCET: Overarching umbrella framework for technology cooperation, it covers commercial as well as defence technologies
- US-India Roadmap for Defence Industrial Cooperation: To fast track technology cooperation and coproduction in areas of mutual interest.
- Tags :
- iCET
- INDUS-X
- India-US Defence
Indo-Pacific Economic Framework for Prosperity
India attends Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting.
- At the meeting, IPEF members signed multiple agreements which are first-of-their-kind approaches to address 21st century challenges and strengthen economic engagement across Indo-Pacific.
Key outcomes of the meet
- IPEF Clean Economy Agreement: To accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG emissions mitigation, etc.
- IPEF Fair Economy Agreement: To create a more transparent and predictable business environment in member countries.
- Cooperative Work Programme (CWP): 3 new CWPs announced on emissions intensity accounting, e-waste urban mining (led by India), and Small Modular Reactors.
- Operational launch of IPEF Catalytic Capital Fund: To support expansion of the pipeline of quality clean economy infrastructure projects.
- Note: These agreements will enter into force after at least five IPEF partners complete their internal legal procedures for ratification, acceptance, or approval.
- India did not formally sign these agreements as domestic approval processes are still underway and will be completed after formation of the new government.
- Tags :
- Indo-Pacific Economic Framework for Prosperity
- Cooperative Work Programme (CWP)
Colombo Process
India chaired its first meeting as Chair of the Colombo Process.
About Colombo Process
- Regional Consultative Process that provides platform for consultations on the management of overseas employment and contractual labour.
- Comprises of 12 Member States of Asia such as Bangladesh, Sri Lanka etc.
- India is one of the founding members.
- Thematic priority areas are: Skills and Qualification Recognition Processes; Fostering Ethical Recruitment Practices, etc.
- UN’s International Organization for Migration provides technical and administrative support to the Colombo Process.
- Tags :
- International Organization for Migration
- Colombo Process