Key points
- EU is India’s largest trading partner in goods
- EU-India bilateral trade reached $137.5 billion in 2023-24 fiscal year
- Talks for an India-EU free trade agreement, stalled for eight years, resumed in 2021
ISLAMABAD: A free trade agreement between the European Union (EU) and India would be the largest deal of its kind anywhere in the world and both sides are looking at firming it up by this year, European Commission president Ursula von der Leyen said on Friday.
According to The Hindu, in an address at a think-tank, the top leader of the 27-nation bloc also said that the EU is exploring a future security and defence pact with India in line with its partnerships with Japan and South Korea.
Largest trading partner
According to Reuters, the EU leaders are likely to urge India to lower its tariffs on cars and alcoholic beverages, and expand market access during European Commission President Ursula von der Leyen’s visit to New Delhi.
Talks for an India-EU free trade agreement, stalled for eight years, resumed in 2021, now cover investment protection and geographical indications.
The EU is India’s largest trading partner in goods, with bilateral trade reaching $137.5 billion in 2023-24 fiscal year, marking a growth of about 90 per cent over the previous decade.
