EU and India have resolved to expedite a long-standing free trade agreement, with negotiations set to continue in March. European Commission President Ursula von der Leyen highlighted the strategic importance of this partnership during her visit to New Delhi. The agreement could potentially become the largest of its kind globally, reinforcing economic ties amid increasing trade tensions with the U.S.

European Commission President Ursula von der Leyen announced that the European Union (EU) and India have agreed to expedite the completion of a longstanding free trade agreement. During her address in New Delhi, she emphasized the need to adapt and align priorities to current realities. She expressed full commitment to delivering on this agreement, which she stated could be the largest of its kind globally.

Von der Leyen is on a two-day visit to India, accompanied by key officials from EU member nations. Since the resumption of negotiations in 2021, discussions have faced challenges, particularly regarding market access for cars and alcoholic beverages. The next round of talks is scheduled for March, as both parties seek to strengthen their partnership further.

The EU, as India’s largest trading partner, accounted for over $130 billion in trade during the 2023-24 fiscal year, reflecting a 90% increase over the past decade. Von der Leyen posited that the partnership has significant potential and should evolve into one of this century’s defining alliances. She stated her intention for this visit to mark the beginning of a transformed EU-India Strategic Partnership.

In light of U.S. tariffs proposed by President Donald Trump on goods from the EU, the urgency of these trade talks has grown. India has recently signed a trade agreement with Iceland, Liechtenstein, Norway, and Switzerland, committing to $100 billion in investments across various sectors, including pharmaceuticals and manufacturing. This investment is expected to stimulate economic development within the region.

The European Commission President, Ursula von der Leyen, reaffirmed the EU and India’s commitment to finalizing a significant free trade agreement. With the next round of negotiations approaching, both sides aim to enhance collaboration in trade and technology amidst evolving global trade dynamics. The partnership has potential for substantial economic growth and positioning in the current century.

Original Source: abcnews.go.com

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