India FTA by year end, says European Commission president | India News
NEW DELHI: Prime Minister Narendra Modi had bilateral meetings with German Chancellor Friedrich Merz, and also European Union leaders Ursula von der Leyen and Antonio Costa on the margins of the G7 summit, taking stock of recent progress in ties and welcoming the understanding reached between the US and Iran in West Asia for peace. European Commission President Von der Leyen said after the meeting that the India-EU FTA would be signed by the end of this year.“Since we have concluded the mother of all trade deals, we have been moving fast to deliver on our commitments. We will sign the Free Trade Agreement by the end of the year. And accelerate work on an investment agreement,” Von der Leyen said, adding that both sides will also step up security and defence cooperation and join forces for better connectivity by advancing IMEC, the India-Middle East-Europe Economic Corridor.Modi and EU leaders stressed the recent conclusion of negotiations for the India-EU FTA as a historic achievement and stressed its expeditious signing and implementation, which would unlock “huge opportunities for trade and investment and contribute towards diversification of supply chains, particularly in the current turbulent geopolitical context”.Exchanging views on regional and global issues of mutual interest, the leaders welcomed the developments in West Asia. “They reiterated their shared commitment to shaping a resilient multipolar global order that contributes to peace and stability, prosperity and sustainable development,” said the Indian govt.In the meeting with Merz, the leaders reviewed the progress in bilateral engagements and expressed satisfaction at the renewed momentum in the India-Germany Strategic Partnership, with the successful visit of the Chancellor to India and the conclusion of the India-EU FTA negotiations earlier this year. They also reaffirmed their commitment to further strengthen cooperation across diverse sectors, including trade and investment, defence and security, green and sustainable development, technology, innovation, education and mobility. “The two leaders exchanged views on regional and global developments of mutual interest, including the situation in West Asia and the Russia-Ukraine conflict. They also welcomed the understanding reached to end the conflict in West Asia,” said an Indian statement.
