India EU Trade Deal: Amid global uncertainties, the European Union is eyeing to build a comprehensive global agenda with India. Also, both sides can finalize a free trade agreement, defense framework agreement and a strategic agenda in their annual summit on January 27.

Top diplomatic sources told PTI that the free trade agreement at the summit in New Delhi will be a ‘living document’ on which work can continue to resolve any outstanding issues.

Statement from EU official

A senior EU official said, “In the absence of America, India and the EU, along with France, can set the agenda for global governance.” India is one of the big countries with which we work and on which we can trust.

At a time when the world is facing barriers to trade due to America’s tariff policy, the proposed India-EU Free Trade Agreement is expected to further deepen relations between the two sides.

Its positive impact will be felt in many other areas also. It is understood that both sides have already resolved issues related to agricultural market access and liquor. Even in the matter of sections related to the rules of origin, progress is being made.

The agreement may be sealed by December

“The global environment is more volatile and hostile and India and the EU want to build trust and integrate supply chains,” a source said. Both sides have already completed 12 chapters of the free trade agreement and now both New Delhi and Brussels are moving forward with talks on an almost daily basis to complete the remaining eight points.

Prime Minister Narendra Modi and European Commission President Ursula von der Leyen had committed in September that they would finalize the trade agreement by December. The European Union is India’s largest trading partner. Bilateral merchandise trade between the two sides stood at US $ 135 billion in the financial year 2023-24.

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The relationship between India and America is not going well. Despite this, US President Donald Trump wished Prime Minister Narendra Modi on his birthday on Wednesday (September 17). Meanwhile, there has been a shock to Trump. The European Union has said that it will be finalized with India by the end of this year. Trump has imposed 50 percent tariff on India, which is also suffering from America.

The European Union (EU) on Wednesday introduced a new strategic agenda to pursue its relations with India in important areas such as defense, trade and energy and to deal with major global challenges. EU said that its partnership with India is becoming important in view of the changing geopolitical realities and it is necessary for both sides to strengthen economic development and security.

European Commission Chairman Ursula von Der Leyen said, “Now the time has come to focus on reliable partners.” Partners based on shared interests and equal values ​​should be doubled. With our new European Union-India strategy, we are taking our relationship to the next level. ”

When will the free trade agreement be signed between India and EU

The top leader of the European Union also talked about the free trade agreement. He said that the new agenda would have to carry forward trade, investment and talent dynamics, strengthen joint economic security and deepen industrial cooperation in the defense sector. According to the PTI report, he said, “Europe is already India’s largest trading partner and we are committed to finalize our free tray agreement by the end of this year. Europe is open to trade and we are ready to invest with India in our shared future. ”

Agenda will be presented to 27 member countries

The new strategic agenda will be introduced to all 27 member countries of the European Union. It will be adopted at the India-European Union Summit to be held next year. The new strategic agenda has identified five areas of shared interest including security, connectivity and global issues, prosperity, stability, technology and innovation.

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