India, Portugal ink seven pacts

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News:Indian and Portugal Prime Ministers have signed seven agreements to boost cooperation in a range of areas.

Facts:

About the agreements:

  • The pacts provide for cooperation in areas of investment, transport, ports, culture and industrial and intellectual property rights. 
  • They have also signed cooperation to promote Maritime Transport between the two countries for better operation of their merchant fleets.

India-Portugal Relations:

  • The relations between India and Portugal began in 1947 after India’s independence and diplomatic relations were established in 1949.
  • In 1974,India and Portugal signed a treaty recognising sovereignty of India over Goa, Daman & Diu and Dadra & Nagar Haveli.With this, the diplomatic relations were again re-established.
  • The India-Portugal Joint Commission on Economic Matters was instituted in 1977 and has met four times so far.
  • In 2017-18, bilateral trade reached a total value of USD 937 million. Indian exports stood at USD 747 million and Portuguese exports at USD 190 million.The trade balance has consistently been in India’s favour.
  • Further,Portugal has a large Indian origin diaspora with the community in Portugal estimated at around 70,000 individuals.