New Delhi, Sep 12 (UNI) The European union and India are maximising their efforts to finalise negotiations on the FTA by the end of the year, said Maroš Šefčovič, EU Commissioner for Trade and Economic Security here today.
Addressing the 65th Annual Session of the Automotive Components Manufactures Association of India, alongside Commerce Minister Piyush Goyal, Sefkovic said he has been working intensively with Minister Goyal, alongwith their teams, “to make progress on a groundbreaking Free Trade Agreement between the European union and India”.
“We are now maximising our efforts to finalise FTA negotiations by the end of the year, as agreed by European Commission President von der Leyen and Prime Minister Modi.”
“We are striving to put in place an economically meaningful, win-win package that brings real added value to businesses and consumers both in Europe and here in India,” he added.
“Talks are ongoing – and I must say that, given the political will on both sides, I think we are set to meet the deadline.”
The EU Commissioner said the Free Trade Agreement “is only part of the wider push to bring the EU and India closer together. Our strategic partnership is becoming ever-more important”.
“Be it in bringing prosperity and strengthening supply chains. Or advancing in our climate goals. Or in developing critical emerging technologies. Or in countering threats and working towards a safer world, both regionally and globally, through security and defence.”
Sefkovic noted while the two sides “will not agree on everything”, but “as major democracies, in an increasingly uncertain world, there are a lot of areas where we can work together”.
Earlier in his speech, he said that India is fast becoming a key engine of the global economy. “And your potential for further expansion, mainly thanks to your people, seems boundless”.
“We find ourselves in a challenging world. Geopolitics and global trade are being disrupted,” he added, in an apparent reference to the Trump administration upending global trade with its tariff measures.
“And we need to embrace the possibilities offered by our new reality as much as protecting ourselves from the risks.
“Which is why we are working on a deal to unlock investment, reduce barriers, expand market access, and enhance supply chains, to the benefit of both sides.”
He said that in 2024 the EU was India’s largest trading partner, ahead of the U.S. and China. More than 6,000 European companies operate in India, while overall bilateral trade in goods hit 140 billion euros in 2023.
While trade between the two economies has grown by around 90% in the past decade, there is still a lot of room for further growth, he added.
