In a speech to the annual meeting of the World Economic Forum, the chancellor said he wanted high growth in Europe and would do everything possible to achieve it.
“In a few days, the President of the European Commission will travel to India to establish the principles of a free trade agreement between the subcontinent and the European Union,” he said.
“I was in India a week ago and I have no doubt that the era of great powers presents an opportunity for all of us and for all countries who value regulation over arbitrariness and see the benefits of free trade over protectionism and isolationism.”
The Chancellor said the EU was joining forces with new partners in this direction.
He also discussed efforts to finalize trade deals with Mexico and Indonesia.
On Tuesday, European Commission President Ursula von der Leyen said here that the European Union was close to signing a historic trade deal with India, called “the mother of all deals”, and that it would create a market for 2 billion people, or about a quarter of global GDP.
“Europe wants to do business with the growth centers of today and the economic powers of this century.”
European Council President Antonio Costa and von der Leyen will be in India from January 25-27 to attend Republic Day celebrations as chief guests and hold summit talks with Prime Minister Narendra Modi.
Both sides are expected to announce the conclusion of negotiations on the long-awaited free trade agreement at the India-EU summit on January 27.
The European Union is India’s largest trading partner, with bilateral merchandise trade reaching $135 billion in the 2023-24 financial year. The free trade agreement is expected to significantly strengthen trade ties.
The proposed agreement is expected to bring qualitative change by deepening overall bilateral relations across a range of sectors at a time when the world is witnessing trade disruptions due to US President Donald Trump’s tariff policies.
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