New Delhi: India and the European Union are on the verge of concluding a major free trade agreement, raising hopes that years of negotiations may finally end with a landmark deal in the coming days.
Spain’s foreign minister Jose Manuel Albares said talks between India and the EU are progressing smoothly and are now in their final phase. He expressed confidence that the agreement could be wrapped up soon, possibly ahead of the India EU summit scheduled in New Delhi later this month.
European Commission President Ursula von der Leyen has also indicated that both sides are close to a breakthrough. She described the proposed pact as historic, saying it could create a combined market of nearly two billion people and significantly strengthen economic ties between the two regions.
Negotiations on the trade deal have been underway for many years and were formally revived in 2022 after a long pause. The agreement aims to reduce tariffs, improve access to markets and make it easier for businesses to trade in goods and services across borders.
While some sensitive issues remain, including tariffs on certain products and regulatory standards, officials from both sides believe these differences can be resolved through continued dialogue.
Beyond trade, leaders see the agreement as a way to deepen cooperation in areas such as technology, defence and global supply chains, especially at a time of growing economic uncertainty worldwide.
If finalised, the India EU free trade agreement would be one of the largest trade deals in the world and a major milestone in the relationship between India and the 27 nation European Union.