India and the EU wish to finalize a free trade agreement by the end of the year, the president of the Ursula von der Leyen commission announced today after two days of bilateral consultations in New Delhi.
An agreement that would remove commercial barriers to the highly sealed market in India has been on the table for years. A first attempt to conclude an agreement broke out in 2013, with talks incorporating three years later.
Now, the two parties asked their employees to “finalize the free trade agreement before the end of the year,” said Von Der Leyen during a joint commitment with Indian Prime Minister Narendra Modi.
The president had gone to India alongside 21 commissioners for consultations with the Indian cabinet.
A free trade agreement between the EU and the most populous country in the world would be “the largest in the world,” said Von Der Leyen, recognizing that the process “will not be easy”.
Modi said that the objective was to conclude a “mutually beneficial free trade agreement”.
Von der Leyen also underlined the unfavorable geopolitical circumstances, which required a “decisive action”.
A day earlier, US President Donald Trump announced that America would “soon” impose new prices of 25% on EU imports.
Since Trump’s re -election, the EU has considerably increased its efforts to sign commercial agreements with third countries, reaching agreements with the Mercosur block – awaiting ratification – as well as with Mexico and Malaysia.
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