Context:
Recently, India and Ireland have agreed to establish a Joint Economic Commission (JEC) to boosting bilateral trade, investment, and technology ties. This decision follows a meeting between External Affairs Minister S. Jaishankar and Irish Minister for Foreign Affairs Simon Harris in Dublin on March 7, 2025.
About JEC:
The Joint Economic Commission (JEC) will serve as a strategic platform to enhance internal cooperation, strengthen trade, and foster collaboration across various sectors between India and Ireland.
Purpose:
- The Joint Economic Commission (JEC) aims to boost bilateral trade, investment, and technology ties between India and Ireland.
- It provides a platform for collaboration in several sectors, including trade, technology, and economic growth.
Focus Areas
1. Trade Relations:
o The JEC will explore new opportunities for mutual growth and collaboration in trade between the two nations. This includes increasing exports and imports in various sectors, such as pharmaceuticals, organic chemicals, and machinery.
2. Investment:
o The JEC will focus on fostering investment between both countries, with particular emphasis on key sectors such as technology, agriculture, and clean energy. Both countries will look for opportunities to increase mutual investment flows, thereby creating jobs and promoting innovation.
3. Technology Exchange:
o Enhancing cooperation in information technology (ICT), fin-tech, and smart cities initiatives will be a key objective. Both countries are looking to leverage their technological strengths to drive progress in critical sectors.
About India-Ireland Relations:
Formal diplomatic relations between India and Ireland were established in 1947. India opened its Embassy in Dublin in 1951, while Ireland opened its Embassy in New Delhi in 1964. Honorary Consulates in Mumbai and Bengaluru were set up in 1976 and 2000, respectively, and further expanded in Chennai and Kolkata in 2010 and 2017.
Bilateral Trade:
o For 2023-2024, the total trade between India and Ireland stands at USD 6.37 billion.
o Key exports from India include organic chemicals, pharmaceuticals, and aircraft parts.
o Key imports to India from Ireland include electrical machinery, plastic articles, and aircraft parts.
2. Education:
o Around 6,000 Indian students are currently studying in Irish universities.
o Notable collaborations include joint degree programs between Trinity College Dublin and Thapar University.
3. Indian Community in Ireland:
o There are approximately 80,000 people of Indian origin in Ireland, with around 40,000 being Non-Resident Indians (NRIs).
o The Indian community is particularly prominent in healthcare, IT, engineering, and management sectors.
o Leo Varadkar, former Irish PM, has Indian ancestry, symbolizing the integration of the Indian community into Irish society.
The establishment of the Joint Economic Commission is an important milestone in the evolving partnership between India and Ireland. By increasing trade, investment, and technology collaborations, this initiative is set to foster closer ties and a stronger, more dynamic relationship between the two nations. With a shared commitment to global cooperation and regional stability, both countries are poised to explore new areas of collaboration, ensuring a brighter future for their bilateral ties.
