Prime Minister Narendra Modi is preparing to host the 16th European Union-India Summit in New Delhi on Tuesday, where the President of the European Commission, Ursula von der Leyen, and the visiting President of the European Council, Antonio Costa, will unveil a significant trade agreement. Commerce Secretary Rajesh Agrawal confirmed that India and the EU have finalized negotiations on the long-awaited Free Trade Agreement (FTA), with the formal announcement scheduled during the summit.
This summit presents a crucial opportunity to enhance the EU-India strategic partnership and deepen cooperation across various key policy areas, including trade, security, defense, environmental sustainability, and people-to-people relations. Following the legal review process, the agreement is expected to be signed within six months, with implementation likely in the coming year.
The upcoming summit occurs amidst a positive trajectory in EU-India relations in recent times. Agrawal emphasized the balanced and forward-looking nature of the agreement, highlighting its potential to bolster economic ties between India and the EU, fostering increased trade and investment activities. The FTA is anticipated to expand India’s global trade presence, particularly by providing access to the European market for Indian products like textiles and jewelry.
