EU's von der Leyen pushes trade deal with India
The European Union is keen to expand economic and security cooperation with India, European Commission President Ursula von der Leyen has stated in New Delhi.
The two sides have set a year-end deadline to conclude a free-trade agreement, negotiations for which initially started 15 years ago. The announcement on Friday came in a joint statement by von der Leyen and Indian Prime Minister Narendra Modi after they met in the Indian capital.
Speaking to reporters, Modi said the two sides have directed their teams to conclude a bilateral free-trade deal by end of this year, and that decisions were taken to 'elevate and accelerate India-EU partnership.' Talks for an FTA were initiated in 2009 but were later stalled 'due to differences in the scope and expectations from the deal,' according to New Delhi. The negotiation process was relaunched in 2022.
The European Commission chief emphasised that the 'free trade agreement between the EU and India would be the largest deal of this kind anywhere in the world.' Describing the potential deal as 'ambitious,' von der Leyen added that the negotiations include everything from 'green tech to pharmaceuticals, semiconductors to green hydrogen and defense.'
The EU is India's largest trading partner after the US, with trade in goods valued at €124 billion ($129 billion) in 2023, and an increase of almost 90% in the last decade. Around 6,000 European companies are present in India, directly providing 1.7 million jobs and indirectly supporting 5 million jobs across various sectors, according to official data.
India is delighted to welcome the President of the @EU_Commission, Ursula von der Leyen and other distinguished members of the College of Commissioners. This level of engagement is both historic and unparalleled. India-EU friendship is both natural as well as organic. Our talks… pic.twitter.com/1NjYIVIEGD
Securing a trade deal with India is crucial for Brussels, particularly after US President Donald Trump announced plans to impose a 25% tariff on goods manufactured in the EU.
In her speech in New Delhi on Friday, von der Leyen claimed the EU and India 'have the potential to be one of the defining partnerships of this century,' and that this will be a 'cornerstone of Europe's foreign policy in the years and decades to come.' 'It is time to be pragmatic and ambitious. And to realign our priorities for today's realities,' she added.
India is delighted to welcome the President of the @EU_Commission, Ursula von der Leyen and other distinguished members of the College of Commissioners. This level of engagement is both historic and unparalleled. India-EU friendship is both natural as well as organic. Our talks… pic.twitter.com/1NjYIVIEGDVon der Leyen also pushed for progress with the India-Middle East-Europe corridor (IMEEC), the concept which she unveiled along with the leaders of the US, UAE, Saudi Arabia, and India during the 2023 G20 Summit in New Delhi.
'It's an amazing project. This can be a modern golden road – directly connecting India, the Arabian Gulf and Europe. With a rail link, that will make trade between India and Europe 40% faster. With an electricity cable and a clean hydrogen pipeline. And a high-speed data cable to link some of the most innovative digital ecosystems in the world. This corridor is much more than just a railway or a cable. It is a green and digital bridge across continents and civilizations,' she said.
The project has been seen as a potential rival to China's Belt and Road Initiative as well as the International North South Transport Corridor (INSTC), developed by Russia, India, and Iran as a faster, cheaper and sanctions risk-free alternative to the traditional Suez Canal route.
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