The European Commission’s Ursula von der Leyen has announced that her team is pushing to secure a free trade agreement with India by this year, making it the largest deal of its kind globally. Von der Leyen emphasized the importance of deepening trade and investment collaboration between the two sides, particularly in areas like semiconductors, AI, and cleantech.
The EU Commission chief’s visit to India is part of efforts to strengthen relations with Asia as tensions rise between the US and Europe over trade tariffs. The agreement would be a significant boost for EU companies operating in India, where 6,000 businesses have set up shop. Bilateral trade between the two nations has reached $135 billion, making India the EU’s largest trading partner.
Despite past challenges, including disagreements on agriculture and manufacturing, talks are gaining momentum. India is now actively pursuing free trade agreements with multiple countries, following a recent deal with the European Free Trade Association worth $100 billion. An India-EU summit is scheduled for later this year, marking another step towards a stronger partnership between the two nations.
Source: https://www.bbc.com/news/articles/c0eggy1104po