CECE president Alexandre Marchetta and ICEMA president Dimitrov Krishnan have signed a Memorandum of Understanding extending the cooperation between the two continental organisations. The signature was announced at the end of the first of its kind CECE-ICEMA Summit held yesterday virtually.
Memorandum of Understanding
The Memorandum of Understanding 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 be working together towards closer collaboration in the area of regulatory convergence, data exchange and market openness.
“Both European and Indian markets offer great potential for the construction equipment industry,” said CECE president Marchetta. He reminded the importance of this partnership: “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 & collaboration between ICEMA & CECE across a wide range of areas spreading across Technology Development & Sustainability, Policy & Trade, Supply chain management, amongst others.”
“ICEMA & 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” – Mr. Deepak Garg, Convener, ICEMA Strategic Partnerships Panel.
Europe and India are some of the largest markets worldwide. With over 500 million consumers, the European Union is a successfully integrated internal market whose high standards in terms of safety and environment are recognized worldwide. India, with its huge middle class, is one of the fastest growing global economies and offers a lucrative market for investment & 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 a 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.