PM Modi, EU Chief set deadline for historic trade deal
After years of negotiations, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen have set a deadline to finalize the India-EU Free Trade Agreement (FTA) by the end of this year, aiming for a balanced and ambitious deal that enhances market access and removes trade barriers, reported timesofindia.indiatimes.com.
Deadline set for India-EU FTA as both sides push for enhanced cooperation
During Ursula von der Leyen’s visit, Modi described the India-EU partnership as natural and organic, built on trust and shared democratic values. Both leaders have urged their teams to finalize the Free Trade Agreement by year-end, which von der Leyen described as the largest deal of its kind in the world.
According to a joint statement, the two sides will work as trusted partners to enhance market access and remove trade barriers. The 10th round of FTA negotiations will take place in March, continuing discussions that were relaunched in 2021. While acknowledging the challenges ahead, von der Leyen emphasized that timing and determination are critical.
EU officials have reiterated their demand for tariff reductions on wines and cars, calling them non-negotiable for the agreement to move forward. Modi also highlighted ongoing talks on an Investment Protection and Geographical Indications (GI) Agreement, which both sides aim to conclude by the end of 2024.
Focus on Indo-Pacific security and global trade initiatives
Both leaders emphasized the importance of peace and security in the Indo-Pacific region. They reaffirmed their commitment to promote a free, open, and peaceful Indo-Pacific, built on international law and respect for sovereignty.
Modi welcomed the EU’s participation in the Indo-Pacific Oceans Initiative (IPOI), marking a significant step toward strengthening regional collaboration
The leaders also agreed to advance the India-Middle East-Europe Economic Corridor initiative, with Modi stating it will drive global commerce, sustainable growth, and prosperity.
Strengthening defence ties and future cooperation
The joint statement highlighted growing India-EU cooperation in defence and maritime security, including joint naval exercises. The EU also welcomed India’s interest in joining projects under the Permanent Structured Cooperation (PESCO) and negotiating a Security of Information Agreement (SoIA).
Von der Leyen emphasized the need to counter authoritarian threats by increasing security cooperation across land, sea, and space. Both sides committed to exploring a formal security and defence partnership, focusing on maritime security and protecting sea lanes.
Modi described India-EU collaboration as a blueprint for the future, covering areas such as trade, technology, investment, green growth, security, skilling, and mobility. He also stressed the need for strong international cooperation to combat terrorism, including cross-border terrorism and terrorism financing.
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