Italy & EU's 'greater interest' in Indo-Pacific is 'stabilising factor', says Jaishankar

Rome: External Affairs Minister S Jaishankar on Friday welcomed Italy's and the European Union's "greater interest" in the Indo-Pacific region, terming it as a "stabilising factor" and underlining that in a globalised world, it is important for all to take an interest in every corner of the world.

Addressing the Joint Session of the Senate's External Affairs and Defence Commission here, Jaishankar talked about how India sees the world today.

"We see, very frankly, very difficult times ahead, very turbulent times ahead," said Jaishankar, who is here on a two-day official visit to Italy, his fourth as Foreign Minister to Italy in the last four and a half years.

He said India was watching with increasing concern the evolving situation in the Middle East. "Obviously, all of us will have an interest in ensuring that there is no escalation. But it is definitely an issue of concern," Jaishankar said.

In his address, Jaishankar also welcomed the greater interest shown by Italy and the European Union in the Indo-Pacific region, where China has been flexing its military muscles.

"We very much welcome, both Italy and the European Union's greater interest in the Indo-Pacific. For us, your presence there, your activities there, your interest there is a stabilising factor," he said.

"I think in a globalised world, it is important that all of us take an interest in all corners of the world to the best of our ability. And for us, this too has emerged as a new facet of our cooperation," Jaishankar was quoted as saying in a press release issued by the External Affairs Ministry.

On the impact of the Russia-Ukraine war, Jaishankar said the conflict has affected every part of the world.

"I know in Europe, because the conflict is at your doorstep, in fact, in a way, right in Europe, this is in many ways the most intense and obviously the most affected part. But in even further regions, I've seen today energy problems, food problems, fertiliser problems, inflation, all of this, in many cases, directly driven by what has come out of the Ukraine conflict," he said.

Underlining that both India and Italy believe in a rules-based order, Jaishankar said when it comes to big international issues, the cooperation in multilateral institutions, "there is much more that brings us together than keeps us apart".

The minister noted that Italy has accepted the responsibility of leading "the sixth pillar, which is a pillar on science and technology and academic exchanges," of the Indo-Pacific Oceans Initiative proposed by India.

The Indo-Pacific Oceans Initiative aims for a safe, secure and stable maritime domain. The focus areas include creating partnerships among interested states in enhancing maritime security, sustainably using marine resources, and disaster prevention and management.

"When one looks at what we are doing in the world, we mostly find it, in Italy, a partner, a member, a country with which we can work very closely. And I think that's a very important aspect of our cooperation," Jaishankar said.

"I want to also mention here, again in a European context, but it applies equally, I would say not equally, but especially to Italy, that when we from India look at who are our key partners today, definitely the EU and the EU member states and that too a member state like Italy would rank very, very high...in political cooperation, in technology cooperation," he said.

He noted that on the sidelines of the G20 Summit, "some of us concluded this Agreement on the India-Middle East Economic Corridor (IMEC)." "And again, we are very happy to see Italy there," Jaishankar said.

Dealing with big global challenges, like climate change, countering terrorism or ensuring maritime security, will happen effectively at a global level only when entities like the European Union and countries like India are able to work together closely, the minister said.

On the issue of trade, Jaishankar said since 2021, India is in the midst of negotiating a set of agreements, the most important of which is a Free Trade Agreement (FTA) with the European Union, one on geographical indications, and also on investment.

"These are complex negotiations, and I think even by comparative standards of Free Trade Agreements, I think the one with the European Union is generally regarded all over the world as the most, I would say, perhaps one of the highest standards and therefore the greatest difficulty in negotiation," he said.

Italy, the minister said, is India's fourth largest trade partner in the EU. About 750 Italian companies invested more than USD 6.3 billion in foreign investment in India. There are 150 Indian companies in Italy.

"The fact that we have now more than 5,000 students in Italy and that we have a diaspora here, which is about 180,000 people. So if you look at these numbers, many of these are relatively recent developments. I think they augur very well for where our ties are going," he said.

"I think it's a substantial relationship. It's a good relationship. But like any other, it can always be bigger, better, stronger," Jaishankar added.