The European Union and India have agreed to complete by the end of the year negotiations on a free trade area that have lasted almost 20 years and could become the largest such agreement in the world. This was announced by Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, Forbes.ua writes with reference to Bloomberg.
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“The free trade agreement between the EU and India will be the largest in the world,” von der Leyen said. “I am fully committed to its implementation.” The 10th round of talks is scheduled for next month in Brussels.
The reason for the acceleration of the agreements, according to the publication, was the trade wars initiated by Donald Trump and the EU's desire to prevent the re-export of prohibited products to Russia.
Ahead of the visit, Bloomberg, citing sources, wrote that the EU is interested in strengthening sanctions against Russia, and von der Leyen discussed their implementation with Modi.
The Indian prime minister, for his part, is looking for new partnerships that will provide access to investment and technology and help create new jobs.
It is noted that the war that Russia is waging in Ukraine threatens India no less than Europe, and Delhi can play an important role in ending the conflict and ensuring lasting peace.
Let us recall
Negotiations on a free trade agreement (FTA) between India and the EU began in 2007 but stalled in 2013 due to disagreements over tariffs on certain goods.
After an eight-year pause, the two sides resumed dialogue in June 2022, seeking to reach a balanced and comprehensive trade agreement.
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