Prime Minister Narendra Modi on Friday held comprehensive discussions with European Commission President Ursula von der Leyen in New Delhi, focusing on revitalizing and deepening the strategic partnership between India and the European Union (EU).
During the high-level talks, both leaders reviewed the ongoing negotiations aimed at finalizing an ambitious India-EU free trade agreement. They also explored avenues to enhance bilateral trade and investment, seeking opportunities to strengthen economic cooperation further.
Von der Leyen, accompanied by senior members of the EU College of Commissioners, arrived in India on Thursday for a two-day diplomatic visit, underscoring the EU's commitment to boosting its relationship with India.
Speaking at a think-tank event prior to her discussions with PM Modi, von der Leyen highlighted the current global challenges, remarking, "This world is fraught with danger. But I believe this modern version of great power competition is an opportunity for Europe and India to re-imagine their partnership."
She further emphasized that both India and the EU are uniquely positioned to collaborate effectively in navigating these challenges together.
Key geopolitical issues, including the ongoing Russia-Ukraine conflict, regional stability in the Indo-Pacific, and recent developments in West Asia, were also expected to prominently feature in their deliberations.
Following the high-profile talks, a joint statement outlining their mutual commitments and agreements is anticipated.
Robust Trade and Investment Relationship
The EU remains India's largest trading partner in goods, with bilateral merchandise trade valued at USD 135 billion during the fiscal year 2023–24. India's exports to the EU stood at USD 76 billion, while imports from the EU reached USD 59 billion.Additionally, bilateral trade in services witnessed a record high in 2023, totaling USD 53 billion. Indian exports accounted for USD 30 billion, with imports from the EU at USD 23 billion.
European investments in India are substantial, totaling over USD 117 billion, with approximately 6,000 European companies operating in India. Conversely, India's investments in the EU are currently valued at around USD 40 billion.
The EU has shown keen interest in diversifying its trade relationship with India through the proposed free trade agreement, a development anticipated to significantly amplify economic engagement between the two strategic partners.
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