India and the European Union have successfully completed negotiations on a free trade agreement.
Commerce Secretary Rajesh Aggarwal informed that India and the European Union have successfully completed their negotiations for the proposed Free Trade Agreement (FTA). He said that from the Indian point of view this trade agreement is balanced and future-oriented, which will help in better economic integration of India with the European Union. Aggarwal expressed confidence that this will give new impetus to trade and investment in both the economies.
The Commerce Secretary announced that the negotiations have been successfully completed and the deal has been finalized. He further said that at present the legal investigation of the draft agreement is going on. The government’s effort is to complete these processes quickly and sign the agreement. It is expected that this agreement will be signed this year and it may become effective early next year.
Summit will be held on Tuesday
Concluding negotiations on an ambitious free trade agreement (FTA), finalizing a strategic defense agreement and smooth movement of migrants will be the main outcomes of the India-European Union summit on Tuesday. Prime Minister Narendra Modi will host European Commission President Ursula von der Leyen and European Council President Antonio Costa in this summit. The meeting is expected to offer a comprehensive approach to both sides amid geopolitical instability arising from Washington’s policies on trade and security.
Security and Defense
Costa and von der Leyen attended the 77th Republic Day celebrations as chief guests on Monday on the line of duty. Von der Leyen said on Monday that a successful India makes the world more stable, prosperous and secure. We all benefit from this. He described the participation of the European Union military contingent in the Republic Day Parade as a powerful symbol of the deepening security cooperation between the two sides. Confirming the results, he said that it will culminate tomorrow with the signing of our security and defense partnership. EU Trade and Economic Security Commissioner Maros Sefcovic indicated after watching the Republic Day celebrations that the India-EU Free Trade Agreement will be finalized on Tuesday.
EU official became the chief guest
He said on social media that it is a deep honor to be invited as a guest for India’s Republic Day. There could be no more opportune moment to reaffirm our partnership and further strengthen it through the conclusion of an ambitious FTA. Von der Leyen had last week said India and the EU were on the cusp of a ‘historic trade deal’ that would create a market of two billion people, almost a quarter of global gross domestic product (GDP).