EU Commissioner Trade expressing his views at the News9 Global Summit 2025.
running in germany News9 Global Summit 2025 On the occasion of the summit, Trade EU Commissioner Maros Sefcovic called India a true engine of the global economy. Giving information, he said that at present EU has more trade with India than America and China. In such a situation, India has become the biggest trading partner of EU. He said that he has held 13 rounds of talks with India on free trade. Also, by the end of the year both will reach some conclusion. In such a situation, it can be expected that a consensus can be reached on FTA with the EU by December. Let us also tell you what he said in his speech…
India is Europe’s biggest partner
Maros Sefcovic said in his address that we are continuously seeing increasing uncertainty around the world. In times like these, it is important that we work with like-minded partners. That is why Europe has drawn up a new agenda to deepen and broaden bilateral relations with India, a key strategic partner and a true engine of the global economy. Trade is vital to this effort and is the cornerstone of our economic relations. Over the past decade, trade between our economies has seen a 90 percent increase. In 2024, we will have traded goods worth approximately 120 billion euros, making India the largest trading partner of the European Union, surpassing the US and China.
European investment in India doubled
More than 6,000 European companies are active in India, where they provide jobs to about 20 lakh Indians, and these companies indirectly provide employment to 60 lakh more. EU investment in India has almost doubled to 140 billion euros in just five years. Maros said that we can move forward from this. For this, he himself is discussing this unprecedented free trade agreement in depth with Piyush Goyal. This deal is expected to be agreed upon by the end of the year. This target has been set by European Union Head Ursula von der Leyen and PM Narendra Modi.
13 rounds of talks have taken place on free trade
He said that we are focused on working together in areas where cooperation makes sense, and our aim is to create a package that makes economic sense, is mutually beneficial and beneficial for businesses and consumers on both sides. He said that by tackling both tariff and non-tariff barriers, we can open up new opportunities for trade and investment while strengthening our supply chains and protecting global commerce. I have had the privilege of visiting India several times this year, while Minister Goyal has also visited Brussels. We have had 13 rounds of talks, and he wants to assure you that we will make every possible effort to reach the final target by the end of 2025.