European Commission President Ursula von der Leyen has announced that the EU and India have agreed to push for a long-pending free trade agreement (FTA) this year. The two sides aim to strengthen their partnership in areas such as trade, technology, connectivity, and defense.
The FTA, which has been stalled since 2021, was revived after the US imposed tariffs on goods made in the EU, prompting Brussels to accelerate talks with New Delhi. India’s largest trading partner, the EU is seeking to finalize the deal to reduce its dependence on US tariffs.
India and the EU cooperate closely on foreign policy, security, and technology issues. The agreement would be the largest FTA of its kind worldwide, covering over $130 billion in bilateral trade between the two nations.
Von der Leyen emphasized that the EU-India Strategic Partnership has the potential to become one of the defining partnerships of this century. She urged Prime Minister Narendra Modi to take their partnership to the next level, with a focus on investments worth $100 billion across various industries.
The talks are set to resume in March, with negotiations focusing on key areas such as market access for products like cars and alcoholic beverages.
Source: https://abcnews.go.com/Business/wireStory/european-commission-chief-india-eu-agreed-conclude-free-119282732