The European Union is going to strengthen its commercial relationship with India and is planning on closing on a free trade agreement by the end of 2025, according to what European Commission president Ursula von der Leyen said during a meeting with Indian Prime Minister Narendra Modi in New Delhi.
During her keynote speech, von der Leyen remarked how the EU and India stand close in democratic value and commercial interests, with the EU being the biggest trading partner of India. Further integration and cooperation are seen as pivotal for the bloc, with common views on security, energy and technological growth. The two also discussed how to improve labour exchanges between them for skilled workers and also how to possibly regulate in orderly way migration of people.
In order to further deepen this budding relationship, the two parties committed to accelerate trade negotiations for a comprehensive free trade agreement, as a cornerstone of the future relationship. Talks on an agreement restarted in 2021 after collapsing a first time in 2013.
“A free trade agreement between the EU and India would be the largest deal of this kind anywhere in the world. I am well aware it will not be easy. But I also know that timing and determination counts, and that this partnership comes at the right moment for both of us,” Commission’s president said during her speech.
In addition, during the visit the EU and India agreed on strengthen the India-EU Trade and Technology Council in several areas, ranging from supply chain to 6G development, electric vehicles, AI and green energy. As part of this joint vision, the two partners signed a memorandum of understanding on Bharat 6G alliance and the EU 6G Smart Networks and Services Industry Association in telecommunications and are working for another memorandum on semiconductors supply chains.
