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Free trade deal between the EU and India to come in 2025
The head of the European Commission, Ursula von der Leyen said EU and India were pushing to get a free trade agreement during this year during her visit to India at the end of Februrary 2025. Speaking in the Indian capital, Msrs. Leyden stated that the EU and India aimed to expand their trade and investment cooperation in a variety of fields, including cleantech, artificial intelligence, and semiconductors. Discussions on a long-awaited free trade deal were resumed between India and the EU in 2021, and another round is scheduled for March.
There are some 6,000 EU businesses do business in India, and the EU remains India's biggest economic partner in terms of goods. In 2022–2023, bilateral commerce reached $135 billion (£107 billion), virtually doubling over the previous ten years. After nearly 16 years of negotiations, India this year concluded a $100 billion free trade agreement with the European Free Trade Association (EFTA), a group of four European nations that are not members of the European Union.
Give the India-EU Trade and Technology Council instructions to increase its involvement in order to shape outcome-oriented cooperation in the following areas: market access and trade barriers; economic security and supply chain resilience; strengthening of semiconductor ecosystems; reliable and sustainable artificial intelligence; high-performance computing; 6G; digital public infrastructure; and joint research and innovation for green and clean energy technologies with an emphasis on reliable partnerships and industry linkages across these sectors, such as recycling EV batteries, marine plastic litter, and waste to green/renewable hydrogen. In light of this, they applauded the signing of the Memorandum of Understanding on semiconductors, which aims to strengthen semiconductor supply chains, capitalise on complementary strengths, facilitate talent exchanges, and develop semiconductor skills in students and young professionals.
As tensions between the US and Europe over trade tariffs and Ukraine worsen after Donald Trump's return to the White House, the EU is eager to strengthen its ties in the Indo-Pacific. Von der Leyen added that the EU and India were looking into a potential "Security and Defence Partnership" with India, like to their alliances with South Korea and Japan, and were advocating for a renewed partnership in security and stability.
According to the head of the European Commission, New Delhi would be a key component of European foreign policy in the ensuing years and decades, and the EU and India might become one of the century's most significant alliances.
Source: https://www.bbc.com/
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