NEW DELHI: In a significant development, India and France reaffirmed their commitment to enhance cooperation in the South-West Indian Ocean, as announced during French President Emmanuel Macron’s interim Republic Day visit to India, focusing on their shared vision for the Indo-Pacific region. The leaders emphasized the strategic importance of the region for their sovereign interests and the vital role their agencies play in a free, open, inclusive, stable and peaceful Indo-Pacific is emphasized were welcomed.
Building on the success of joint surveillance missions conducted from the French island territory of La Reunion in 2020 and 2022, both countries welcomed the extension of these interactions in India's maritime neighborhood. The joint statement emphasized that such cooperation can effectively contribute to the security of complex maritime communications networks.
The leaders also welcomed the report submitted by the Independent Expert Group under the Indian G20 Presidency, providing concrete suggestions for reforming Multilateral Development Banks.
This enhanced cooperation is particularly significant in the context of the economic uncertainties triggered by various factors, including the ongoing global pandemic. The acknowledgment of the Paris Club's role and the collaborative efforts between the Club and India underscores the importance of multilateral approaches to managing financial complexities, promoting economic resilience, and supporting countries in their pursuit of sustainable development.
As the global economic landscape continues to evolve, the leaders' commitment to reforming MDBs and enhancing cooperation in debt restructuring reinforces the notion that collective action and collaborative strategies are crucial for addressing the intricate challenges that nations face in a rapidly changing world. The outcomes of these collaborative efforts are poised to have a lasting impact on the global economic order and contribute to building a more equitable and resilient international financial system.
Furthermore, enhanced cooperation between the Paris Club and India in the areas of sovereign debt restructuring was recognised.In summary, the visit deepened the strategic partnership between India and France strengthened, and emphasized unity, stability, security, and a shared commitment to development in the Indo- Pacific region.