Prime minister Narendra Modi And the president of the European Commission, Ursula von der Leyen, announced Friday their commitment to finalize a free trade agreement (ALE) during this year.
The EU is India’s largest trading partner in terms of goods, the bilateral trade which is expected to reach $ 137.5 billion during the year 2023-24, reflecting remarkable growth of almost 90% over the past decade. The discussions surrounding the Indian-EU free trade agreement, which has stagnated for eight years, were relaunched in 2021 and now include subjects such as investment protection and geographic indications.
Leyen is currently in India for a two -day visit, which started Thursday, accompanied by leaders from various EU member states. This visit coincides with the increase in geopolitical tensions, offering Brussels and New Delhi the opportunity to identify critical areas for increased cooperation in their strategic partnership.
Speaking at a business conference, Leyen stressed that difficult times can pave the way for a stronger collaboration between India and the EU. She noted: “Prime Minister Modi and I agreed to work to conclude a free trade pact this year.”
Leyen highlighted the mutual risks of a fragmented world marked by spheres of influence and isolationism, declaring: “We are both losing in such a scenario, but we want to gain from a framework for cooperation and collaboration.” She also pointed out their current partnership.
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