Indian Prime Minister Narendra Modi said on Friday that India and the European Union (EU) were to conclude a free trade agreement later in the year.
He made these comments during a visit to the president of the European Commission Ursula von der Leyen, who arrived in India Thursday in order to strengthen economic ties.
The EU increased efforts to conclude a free trade agreement with India before possible American prices.
What Modi said about discussions with the EU?
The Indian Prime Minister said that New Delhi and Brussels aimed to conclude a “mutually beneficial” agreement.
“We asked our teams to conclude a mutually beneficial bilateral free trade agreement by the end of this year,” said Modi.
“Your visit to India has added new vigor, energy and enthusiasm to our partnership. This visit will be the catalyst that will translate our ambition into action,” he said, addressing Von Der Leyen.
India and the EU have long sought to conclude a free trade agreement, the next series of negotiations scheduled for March.
Previous discussions have been hampered by disagreements on intellectual property protections, as well as problems involving market access for certain products, including alcoholic cars and drinks.
Last year, India signed a trade agreement with the European Free Trade Association, which includes Iceland, Liechtenstein, Norway and Switzerland, whose EU member states are EU member states.
Von der Leyen calls India, to “reinvent” the partnership
Von Der Leyen said Brussels was trying to strengthen his partnership with India in the middle of increasing global competition.
“This world is in charge of danger. But I believe that this modern version of Great Power Contest is an opportunity for Europe and India to reinvent their partnership,” said Von Der Leyen in a speech before his meeting with Modi.
“We are both losing in a world of spheres of influence and isolationism. And we both want to win a world of cooperation and work together,” she said.
“This is why the EU and India have the potential to be one of the determining partnerships of this century.” Von der Leyen said.
The head of the EU commission said that the block envisaged a potential defense and security partnership with India in the sense of agreements concluded with Japan and South Korea.
India did not impose sanctions in Moscow and called for a negotiated regulation in the war in Ukraine. While the EU is the largest trading partner in India, Russia has been a major source of defense imports for the most populous country in the world.
Von der Leyen said the EU and India could cooperate in efforts to diversify the supply chains, Brussels seeking to “want” his relationship with China.
Published by: Kieran Burke
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