Prime Minister Narendra Modi and Finland's President Alexander Stubb have urged business leaders from both nations to capitalise on the landmark India-EU Free Trade Agreement (FTA).

During a bilateral meeting at Hyderabad House in New Delhi on Thursday, the leaders set an ambitious target to double bilateral trade by 2030. This call comes amid growing economic ties and President Stubb's ongoing state visit to India from 4 to 7 March.

The discussions highlighted the potential for enhanced collaboration in trade, technology, and investment. Officials from India's Ministry of External Affairs noted that both sides aim to unlock the full potential of bilateral cooperation, particularly in emerging sectors. Current bilateral trade stands at a modest level, providing significant room for growth through diversified partnerships.

A large Finnish business delegation accompanies President Stubb, underscoring strong private-sector engagement. The leaders referenced recent interactions, including companies that joined Finnish Prime Minister Petteri Orpo at the AI Impact Summit in New Delhi in February. These exchanges reflect deepening commercial links between the two nations.

Looking ahead, an India-Finland Business Summit and CEOs' interaction is scheduled for Mumbai on 7 March. Modi and Stubb expressed confidence that this event will strengthen economic ties and foster greater collaboration. The summit aligns with broader efforts to integrate business communities and explore joint ventures.

Start-up ecosystems also featured prominently in the talks. The leaders welcomed expanding cooperation, citing Indian start-ups' active role at Finland's global event Slush and Finnish participation in New Delhi's Start-up Mahakumbh. Initiatives like the Indo-Finland Start-up Corridor were praised as key platforms for innovation-driven partnerships.

The meeting occurred against the backdrop of strengthened India-EU relations. Both leaders endorsed the new Joint India-EU Comprehensive Strategic Agenda, adopted at the recent India-EU Summit. This agenda rests on shared values, mutual trust, and converging interests, positioning India and the EU as reliable long-term partners.

The impending India-EU FTA promises to elevate ties significantly. Beyond market access and tariff reductions, it aims to bolster economic security by diversifying supply chains and opening new markets. For India, this could enhance resilience in critical sectors like electronics, renewables, and pharmaceuticals, where Finland holds expertise.

Reaffirming commitment to the India-EU Trade and Technology Council, the leaders view it as a cornerstone for addressing trade barriers, technological standards, and economic security. This platform supports India's push for self-reliance while leveraging EU innovations in clean energy and digital infrastructure.

Defence and security cooperation received fresh emphasis. The recent signing of the India-EU Security and Defence Partnership adds a strategic layer to the relationship. Focus areas include maritime security, defence industry ties, cyber threats, space domain awareness, and counter-terrorism—aligning with India's priorities in the Indo-Pacific.

Additional milestones include a Memorandum of Understanding on mobility cooperation and the launch of a pilot EU Legal Gateway Office in India. These steps facilitate smoother people-to-people and legal exchanges, vital for skilled labour mobility and investment flows.

President Stubb's visit, his first as Finland's head of state, includes stops in New Delhi and Mumbai. He is joined by Minister of Climate and Environment Sari Multala and Minister of Employment Matias Marttinen, alongside officials and business figures. The itinerary builds on Prime Minister Orpo's February trip.

Earlier, Modi and Stubb attended the 11th Raisina Dialogue, where the Finnish President delivered the keynote as chief guest. This platform amplified discussions on global challenges, reinforcing the visit's diplomatic weight.

Finland's strengths in sustainable tech, education, and defence—such as Patria vehicles and Nokia's 5G solutions—complement India's Atmanirbhar Bharat initiative. Bilateral trade, though currently under $3 billion annually, could surge via the EU FTA, targeting sectors like green hydrogen and AI.

Closer India-Finland ties counterbalance influences in Europe and the Indo-Pacific. As EU members align with India's strategic autonomy, this partnership enhances supply chain diversification amid global tensions.

The doubled trade goal by 2030 signals optimism, but success hinges on swift FTA ratification and targeted investments. With business summits and start-up corridors in motion, India-Finland relations appear poised for a transformative phase.

ANI