What is the story about?
India and the EU on Tuesday announced the FTA that has been described as the ‘mother of all deals’ by both sides. After formalities are completed in the next few months, the FTA is expected to come into effect early next year.
European Commission President Ursula von der Leyen participated in the India-EU Summit on Tuesday. The summit marked an important stage in relations between New Delhi and Brussels as both sides worked to strengthen economic and strategic cooperation.
India and the EU began FTA negotiations in 2007, but the talks were suspended in 2013 due to differences over the level of ambition. Nearly a decade later, the process was revived in June 2022.
The summit witnessed the conclusion of negotiations for a free trade agreement and the finalisation of a security and defence partnership. A framework agreement to facilitate mobility for Indian students and professionals was finalised as part of the outcomes.
The EU is India’s largest trading partner, accounting for trade in goods worth €120 billion in 2024, or 11.5 per cent of India’s total trade. Trade in services was worth €59.7 billion in 2023.
European Commission President Ursula von der Leyen participated in the India-EU Summit on Tuesday. The summit marked an important stage in relations between New Delhi and Brussels as both sides worked to strengthen economic and strategic cooperation.
India and the EU began FTA negotiations in 2007, but the talks were suspended in 2013 due to differences over the level of ambition. Nearly a decade later, the process was revived in June 2022.
The summit witnessed the conclusion of negotiations for a free trade agreement and the finalisation of a security and defence partnership. A framework agreement to facilitate mobility for Indian students and professionals was finalised as part of the outcomes.
The EU is India’s largest trading partner, accounting for trade in goods worth €120 billion in 2024, or 11.5 per cent of India’s total trade. Trade in services was worth €59.7 billion in 2023.
