NEW DELHI – European Fee President Ursula von der Leyen on Friday mentioned the EU and India have agreed to push to get a long-pending free commerce settlement finished this yr and that the 2 sides will strengthen their partnership within the areas of commerce, know-how, connectivity and protection.
“It’s time to be pragmatic and bold. And to realign our priorities for right now’s realities,” von der Leyen mentioned at an handle to a think-tank in New Delhi. Her remarks got here forward of her assembly with Prime Minister Narendra Modi.
“You’ll be able to rely on my full dedication to verify we are able to ship,” she mentioned, including that the “free commerce settlement between the EU and India could be the biggest deal of this type anyplace on the earth.”
The European Fee chief is in India on a two-day go to from Thursday and is accompanied by high leaders of the EU member nations.
India and the EU relaunched talks on a long-pending free commerce settlement in 2021, however points like market entry for merchandise resembling automobiles and alcoholic drinks have been sticking factors. The subsequent spherical of negotiations is ready to happen in March.
India and the EU cooperate intently on points together with overseas coverage, safety and know-how. However Brussels is ramping up efforts to finalize the free commerce settlement with New Delhi within the face of potential U.S. tariffs. U.S. President Donald Trump has mentioned he’s planning to hit items made within the EU with tariffs of 25%.
The EU is India’s largest buying and selling companion, forward of the U.S. and China. In 2023-24 fiscal yr, exports and imports to the European bloc accounted for greater than $130 billion, marking a rise of about 90% over the previous decade. Over 6,000 European firms are additionally current in India.
Von der Leyen mentioned the EU and India have the potential to be one of many defining partnerships of this century.
“I would like this go to to be the beginning of this new period. Prime Minister Modi and I share the identical view. It’s time to take our EU-India Strategic Partnership to the subsequent degree,” she mentioned.
For New Delhi, the commerce talks have renewed significance after Trump’s determination to impose reciprocal tariffs on imported items from international locations together with India.
Final yr India signed a commerce settlement with Iceland, Liechtenstein, Norway and Switzerland, who comprise the European Free Commerce Affiliation, that features a dedication of $100 billion in investments. The investments are anticipated to be made throughout industries together with prescription drugs, equipment and manufacturing.
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