India, Romania deepen trade and mobility cooperation to bolster economic partnership

New Delhi [India], November 4 (ANI): Minister of State for Commerce and Industry Jitin Prasada held a bilateral meeting with Romania's Minister of Foreign Affairs Oana-Silvia Toiu in Bucharest on Tuesday to discuss expanding trade, attracting investment, and strengthening resilient supply chains within the broader India-EU economic framework, according to an official statement by the Ministry of Commerce and Industry.

The meeting came as both countries sought to enhance economic cooperation within the ongoing India-EU trade dialogue. Both sides agreed to work towards concluding, within this year, a fair, balanced, and mutually beneficial India-EU Free Trade Agreement (FTA), in line with the political direction set for the negotiations, the release stated.

The ministers reviewed the steady trade and investment relationship between India and Romania. India's exports to Romania crossed USD 1.03 billion in FY 2024-25, while overall bilateral trade reached about USD 2.98 billion in FY 2023-24.

To build on this growth, both sides agreed to deepen supply-chain linkages in priority sectors such as petroleum products, engineering goods, pharmaceuticals, and ceramics. They also discussed strengthening cooperation in standards, testing, and investment partnerships to enhance market access and promote diversified production.

The release said both countries would work together to build stronger, more resilient supply chains as trusted partners, ensuring long-term stability and confidence for businesses in both nations.

Building on the momentum of recent high-level exchanges between the leadership of India and Romania, the ministers agreed to maintain regular dialogues and follow-up actions on trade facilitation, investor outreach, and mobility initiatives.

They decided to streamline procedures and develop a mobility toolkit to convert emerging opportunities into tangible results, the ministry added.

The visit underscored a shared vision for a stronger India-Romania economic partnership--one that expands trade, widens investment flows, and creates new pathways for skills-based mobility to the mutual benefit of both economies, the release said.

As part of his official visit to attend the 19th meeting of the Joint Committee for Economic Cooperation (JCEC) between India and Romania, Prasada was received upon arrival at Henri Coanda International Airport by Secretary of State Gabriel Bogdan Stetco from the Ministry of Economy, Digitalisation, Entrepreneurship, and Tourism, and Managing Director Sorin Mihai Toader from the Department of Foreign Trade, ARICE, according to the ministry's statement.

During the visit, Prasada also held a substantive meeting with Petre-Florin Manole, Minister of Labour, Family, Youth, and Social Solidarity, to discuss collaboration on skills-based mobility.

He highlighted that with over one billion people of working age and a median age of 29, India is poised to become the world's third-largest economy by 2030.

Both sides noted Romania's annual requirement for approximately 100,000 non-EU workers and expressed readiness to create a pathway for about 30,000 skilled and aspirational Indian professionals each year, aligned with Romania's labour market needs.

"As the fastest-growing large economy, India continues to contribute to global prosperity as a trusted partner for both developed and developing nations. He noted that India, as a rapidly expanding manufacturing and technology hub, hosts nearly 45 per cent of global capability centres and is investing heavily in frontier technologies. In this context, he underlined that stronger India-EU cooperation is more vital than ever in the evolving geopolitical and geoeconomic environment," the release said.

The ministers reaffirmed their commitment to building a strong mobility partnership between India and Romania, focused on promoting safe, orderly, and responsible migration of skilled professionals and enhancing labour market connectivity for mutual benefit.

They also agreed to strengthen people-to-people ties through closer cooperation in higher education, research, innovation, and cultural exchanges--aimed at fostering talent circulation, supporting skills development, and investing in future generations.

"The discussions covered cooperation in recruitment, language and vocational training, standardised employment contracts, and employer obligations, along with fast-track processing for verified employers. Both sides tasked officials to explore mutual recognition of qualifications. Recognising the importance of social security certainty, they also discussed the possibility of a Totalization (Social Security) Agreement," the release said.

The meeting concluded with both sides agreeing to sustain the current momentum by activating enablers across key areas, expanding skills mobility, deepening knowledge exchange, engaging business communities, and reinforcing institutional frameworks.

The ministry said these efforts will ensure that the India-Romania partnership remains integrated, resilient, and results-driven across trade, technology, and people-to-people cooperation. (ANI)

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