New Delhi: The European Union is close to finalising a free trade agreement with India that could create a market of nearly two billion people and account
for almost a quarter of global GDP, European Commission President Ursula von der Leyen said on Tuesday.
Addressing the World Economic Forum in Davos, von der Leyen said negotiations were nearing completion, though some steps remained.
“There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals,” she said, describing the proposed pact as part of the EU’s efforts to expand and diversify its trade partnerships.
‘India-EU to deepen economic cooperation’
Linking the trade push to upcoming diplomatic engagement, von der Leyen said she would travel to India next weekend after the conclusion of the Davos meeting to advance talks and deepen economic cooperation.
Placing the India agreement within the EU’s broader global strategy, she said Europe remained committed to engaging with partners worldwide. “Europe will always choose the world, and the world is ready to choose Europe,” she said, adding that the bloc’s focus was on creating a stable and well-regulated environment to support investment, boost trade and enable sustainable growth.
Expanding India–EU engagement
Against the backdrop of expanding India–EU engagement, Antonio Luis Santos da Costa and von der Leyen will attend India’s 77th Republic Day celebrations at Kartavya Path on January 26 as chief guests. At the invitation of Prime Minister Narendra Modi, the two leaders will undertake a three-day state visit to India beginning January 25.
During the visit, they will co-chair the 16th India–EU Summit on January 27 and are scheduled to meet Droupadi Murmu, in addition to holding restricted and delegation-level talks with Modi. An India–EU Business Forum is also expected to be held on the sidelines of the summit.
