New Delhi, Feb 28: Prime Minister Narendra Modi and European Commission President Ursula von der Leyen have directed their respective teams to finalize an ambitious free trade agreement (FTA) by the end of this year. The decision, announced after high-level talks on Friday, marks a significant step in strengthening India-EU ties across trade, defense, security, and critical technology.
Addressing the media, Modi described the India-EU strategic partnership as "natural and organic," underscoring that it is built on "trust" and a shared commitment to democratic values.
Push for Trade and Investment Deals
Modi emphasized that, alongside the FTA, negotiations are progressing on an investment protection pact and an agreement on Geographical Indications (GIs). These agreements aim to create a favorable environment for businesses and protect the unique identities of regional products.
Connectivity and Economic Growth
The leaders also discussed advancing the India-Middle East-Europe Economic Corridor (IMEEC), an initiative poised to enhance global trade connectivity. Modi expressed confidence that IMEEC would serve as a key driver of global commerce, sustainable development, and economic prosperity.
Strategic Indo-Pacific Focus
The talks also reinforced a mutual commitment to ensuring peace, security, stability, and economic growth in the Indo-Pacific region. "Many decisions have been taken to elevate and accelerate India-EU partnership," Modi stated, highlighting the broad scope of cooperation.
EU’s Commitment to Strengthening Ties
Von der Leyen, in her remarks, reiterated the European Union's intention to deepen its relationship with India. She described the visit of the European Commission delegation as "unprecedented," signaling a renewed focus on expanding bilateral cooperation.
The agreement, once finalized, is expected to significantly enhance trade and investment between India and the EU, further cementing their strategic alliance in an evolving global economic landscape.
