Enhancing collaboration and trade relations in construction machinery between [...]Published 19/4, 2022 at 09:06
Enhancing collaboration and trade relations in construction machinery between Europe and India
CECE president Alexandre Marchetta and ICEMA president Dimitrov Krishnan have recently signed an agreement to extend cooperation between the two continental organisations.
Memorandum of Understanding
The Memorandum of Understanding signed by the two organisations extends an initial partnership formalised in 2019 and sets the terms of understanding between CECE and ICEMA for their bilateral cooperation. The main objective of the cooperation is understanding reciprocal market developments and improving market access and global trade. CECE and ICEMA pledge to work together towards closer collaboration in the areas of regulatory convergence, data exchange and market openness. “Both European and Indian markets offer great potential for the construction equipment industry,” stated Alexandre Marchetta. “CECE/ICEMA close collaboration helps the industry in improving market access and accelerating technical developments.”
ICEMA president Dimitrov Krishnan said: “The ICEMA/CECE Summit 2022, first of its kind to be ever held between the Indian and EU construction equipment industries, is a step in the right direction and opens up opportunities for constructive dialogue and collaboration between ICEMA and CECE across a wide range of areas spreading across technology development and sustainability, policy and trade, supply chain management, amongst others.” Mr. Deepak Garg, convener, ICEMA strategic partnerships panel added: “ICEMA and CECE collaboration assumes significant importance for the infrastructure sector. Joint dialogues and initiatives between the two global associations will help foster developments across key areas of common interest between the Indian and EU construction equipment industries.”
Europe and India are some of the largest markets worldwide. With over 500M consumers, the European Union is a successfully integrated internal market whose high standards in terms of safety and environment are recognised worldwide. India, with its huge middle class, is one of the fastest growing global economies and offers a lucrative market for investment and growth. Against this background, a mutually reinforced cooperation is beneficial for both markets. The Memorandum of Understanding is seen as a great opportunity for both markets in terms of guaranteeing fair competition and free trade. Establishing long term business relationships based on partnership, trust and mutual learning, are key in order to strengthen the ties between the respective construction equipment markets.
About CECE and ICEMA
CECE, the Committee for European Construction Equipment, represents the interests of 1,200 construction equipment manufacturers through national trade associations in Europe. ICEMA, Indian construction equipment manufacturers' association, is the representative body of the Indian construction equipment industry. ICEMA is affiliated to the Confederation of Indian Industry (CII) and currently represents over 80 leading companies who manufacture, trade and finance a variety of construction focused products.