India, EU Aim to Finalize Free Trade Agreement by End of 2025: PM Modi
New Delhi: On Friday, Prime Minister Narendra Modi and Ursula von der Leyen, the president of the European Commission, came to an agreement to conclude a comprehensive free trade agreement by the end of the calendar year. With this, India and EU will also ‘elevate and accelerate’ cooperation in the fields of defence, security, and other critical technologies.
In the joint media statement following his meeting with Leyen, Modi described the strategic relationship between India and the EU as “natural and organic” , adding that it was built on “trust and democratic values” and a “shared commitment” to progress and prosperity.
“We have instructed our teams to develop a free trade agreement by the end of the year that both sides find beneficial,” he said as worries mounted over the Trump administration's dealings with international trade. He mentioned that both parties hope to reach an agreement on an investment protection treaty, as well as a contract dealing with the Geographical Indications.
He remarked that the trip by the President of the European Commission and the College of Commissioners to India is “unprecedented.” It is not only the first visit of the European Commission to India, but it is the first time the European Commission makes more than token visits to any single country. He emphasized that both India as well as the EU have mutually accepted the significance of the peace, security, stability, and prosperity of the Indo-Pacific region.
Regarding connectivity, Modi stated that the India-Middle East-Europe Economic Corridor (IMEEC) will act as a catalyst to enhance international trade, along with sustainable development and prosperity.
Ursula von der Leyen said it is clear that the EU intends to elevate their relations with India to a new level. Leyen arrived in Delhi on Thursday for a two-day visit to India. In Delhi, both Modi and Leyen met for delegation level as well as bilateral discussions at Hyderabad House. (With agency inputs)