Months after Trump imposed tariffs on Indian exports, India nears historic deal, whole of Europe will be…

India-EU trade deal: India and the EU are close to finalising a landmark FTA on January 27.

India-EU trade deal: In a massive economic and geopolitical development for India after US led by President Donald Trump imposed huge tariffs on Indian exports to the US, European Commission President Ursula von der Leyen has said that the European Union (EU) is set to finalise a “historic” free trade agreement (FTA) with India. The European Commission President has declared in her recent statement that the EU now needs to move with greater urgency to strengthen its economic and strategic resilience. For a better context, readers should note that European Union leaders Antonio Costa, President of the European Council and Ursula von der Leyen, President of the European Commission are coming to India as the Chief Guests at India’s 77th Republic Day celebrations.

What has European Commission said on India- EU trade deal?

Addressing the World Economic Forum (WEF), the European Commission President has announced that India and the EU are close to finalising a landmark FTA.

“I will travel to India. There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. There is still work to do. But we are on the cusp of a historic trade agreement,” she said.

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Further stating that the EU had acted swiftly in recent years on energy security and access to raw materials, the EU leader said that the pact could create a market of nearly two billion people.

“Geopolitical shocks can – and must – be an opportunity for Europe. The seismic shift underway makes it both possible & necessary to build a new European independence. From security to the economy. From defence to democracy. Europe is gathering speed,” she mentioned.

India-EU historic trade agreement

India and the EU are close to finalising a landmark FTA on January 27, a day after the Republic Day celebrations which will be attended by the top EU leadership as chief guests, a report by IANS news agency said.

A document will be adopted by both sides to announce the conclusion of FTA negotiations, after which, the agreement will be put through the required legal process and ratification by the European Parliament and Council.