India, EU agree to push for conclusion of free trade pact this year
NEW DELHI, Feb 28 (Reuters) - Indian Prime Minister Narendra Modi and the European Union have agreed to push for the conclusion of a free trade agreement this year, European Commission President Ursula von der Leyen said on Friday.
The EU is India's largest trading partner in goods, with bilateral trade reaching $137.5 billion in 2023-24 fiscal year, marking a growth of about 90% over the previous decade.
Talks for an India-EU free trade agreement, stalled for eight years, resumed in 2021, now cover investment protection and geographical indications.
Leyen is in India on a two-day visit from Thursday, accompanied by leaders of EU member nations, coinciding with escalating geopolitical tensions, with Brussels and New Delhi set to outline key areas for deeper cooperation under their strategic partnership.
Troubled times offer great opportunities for partnership between India and the EU, and Prime Minister Modi and she had agreed to push to conclude a free trade pact this year, Leyen told a business conference.
"We both stand to lose from a world of spheres of influence and isolationism, and we both stand to gain from a world of cooperation and working together," Leyen said ahead of her talks with Modi.
"But I believe this modern version of great power, competition is also an opportunity for Europe, and India to reimagine its partnership," she said.
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