Prime Minister Narendra Modi on Friday announced India and European Union (EU) have agreed to push for the conclusion of a free trade agreement (FTA) this year. He also said New Delhi and the EU will take steps to advance the India-Middle East-Europe Economic Corridor (IMEEC).
In a joint press statement with EU President Ursula von der Leyen, the prime minister said India and the EU have a two-decade-long “organic” and “natural” partnership.
Talks between India and the EU for FTA resumed in 2021 after being stalled for eight years and now cover issues ranging from investment protection to geographical indications.
The EU is India’s largest trading partner in goods, with two-way trade growing by about 90 per cent over a decade to stand at $137.5 billion in fiscal year 2023-24.
The prime minister said both India and the EU have created a “blueprint” to develop several sectors, including trade, technology, investment, innovation, skilling, and mobility, to elevate ties.
He also said that the IMEEC will be a “growth” engine for “commerce and sustainability”.
IMEEC is a planned route connecting India to Europe via the UAE, Saudi Arabia, Israel, and Greece. The IMEEC is intended to boost economic development and connectivity between Asia, Europe, and the Persian Gulf.
In her address, EU President Leyen admired India’s hospitality, saying, “a taste of India’s legendary hospitality”.
She said her India visit was the EU’s first visit outside Europe since she became President in December 2024.
Leyen termed India a “like-minded friend”, while saying both India and the EU are focused on economic growth.
Both leaders also mentioned alliances on solar energy, green hydrogen, and digital technologies between India and the EU.
Meanwhile, the prime minister’s announcement about FTA holds significance as the deal had been delayed for many years due to both sides’ reluctance to lower tariffs in some areas.
The EU wants India to lower tariffs of over 100 per cent on imported cars, whiskey, and wine, while India seeks greater access for its cheaper drugs and chemicals in the EU market.
India also wants lower tariffs on its exports of textiles, garments, and leather products. It also opposes an EU proposal to fix tariffs of 20 per cent to 35 per cent from January 2026 on high-carbon goods, including steel, aluminium, and cement.
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