EU and India Aim to Finalize Free Trade Agreement by Year-End

European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi have set a year-end deadline to conclude a free-trade agreement between the EU and India. Negotiations for this agreement initially began 15 years ago and were relaunched in 2022. The announcement followed a meeting in New Delhi, where both leaders expressed their commitment to elevating the India-EU partnership. Modi stated that teams have been directed to finalize the deal, while von der Leyen emphasized that it would be the largest agreement of its kind globally, encompassing sectors from green tech to defense. The EU is India's largest trading partner after the US, with trade in goods valued at €124 billion in 2023. Von der Leyen also advocated for advancing the India-Middle East-Europe corridor (IMEEC), unveiled during the 2023 G20 Summit, envisioning it as a modern trade route connecting India, the Arabian Gulf, and Europe, potentially rivaling China's Belt and Road Initiative.