India and the European Union have agreed to advance negotiations for a free trade agreement (FTA) this year, which European Commission President Ursula von der Leyen described as “the largest deal of this kind” globally.
Speaking during her visit to India, von der Leyen emphasized the strategic importance of the agreement. “A free trade agreement between the EU and India would be the largest of its kind. While challenges remain, the timing and commitment from both sides are aligned to make this partnership a reality,” she stated.
Von der Leyen confirmed discussions with Prime Minister Narendra Modi, highlighting a shared commitment to finalizing the agreement in 2024. “We have agreed to push forward and get it done this year. You can count on my full commitment to ensure we deliver,” she added.
The EU-India partnership is expected to focus on key sectors such as trade, technology, clean energy, and critical industries including pharmaceuticals, semiconductors, and hydrogen. Von der Leyen noted that both regions face evolving economic dynamics and emphasized the potential for deeper cooperation.
Additionally, discussions are ongoing regarding a possible security and defense partnership, similar to agreements the EU has established with Japan and South Korea.
Indian Commerce and Industry Minister Piyush Goyal met with EU Trade Commissioner Maroš Šefčovič to review progress on trade negotiations. “Had a candid and insightful discussion with EU Trade Commissioner Maroš Šefčovič over breakfast today on the India-EU FTA and the progress of the Trade and Technology Council. Exciting times are ahead as we work towards elevating our trade and investment ties to the next level as trusted partners,” Goyal posted on X.
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