NEW DELHI ( WNAM MONITORING): India and the EU have agreed to push for a free trade agreement by the “end of the year,” officials said on Friday.
This comes as Prime Minister Narendra Modi and EU Council President Ursula von der Leyen held talks in New Delhi.
In his remarks delivered to the press, Modi said the visit of the EU Commission’s president and the College of Commissioners to India is “the first such comprehensive engagement of the EU in any single country.”
He also said the leaders have directed teams “to conclude a mutually beneficial bilateral free trade agreement by the end of this year.”
Noting that the two sides “agreed on increasing cooperation in semiconductors, AI, high-performance computing, and 6G and also to initiate a space dialogue,” Modi said concrete steps will be taken to take forward the India-Middle East Europe Economic Corridor (IMEEC).
“I firmly believe that IMEEC shall serve as an engine that drives global commerce, sustainable growth, and prosperity in the days to come,” he said.
Modi added that the two sides will take forward cooperation on cybersecurity, maritime security, and counterterrorism. “Both sides agree on the importance of peace, security, stability, and prosperity in the Indo-Pacific region,” he said, adding that a decision was also made to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025.
The EU Council president, in her remarks, said the two sides agreed to get the trade pact “done during this year.”
“A free trade agreement between the EU and India would be the largest deal of its kind anywhere in the world. I am very well aware that it will not be easy, but I also know the timing and determination count… we have agreed with Prime Minister Modi to push to get it done during this year,” she said.
Von der Leyen is accompanied by the officials of EU nations for a two-day official visit to India beginning Thursday.
The EU is India’s largest trading partner, with trade hitting $137.5 billion in 2023-24, according to official statistics.
