“We are both looking to diversify some of our most critical value chains,” said von der Leyen.
The EU has agreed with Indian PM Narendra Modi to push for the conclusion of an FTA this year, European Commission President Ursula von der Leyen said today.
“We are both looking to diversify some of our most critical value chains,” she said.
“We have directed our teams to conclude a mutually beneficial bilateral free trade agreement by the end of this year,” said PM Modi.
“We both stand to lose from a world of spheres of influence and isolationism, and we both stand to gain from a world of cooperation and working together,” she said, ahead of talks with Modi.
“But I believe this modern version of great-power competition is also an opportunity for Europe, and India to reimagine its partnership,” she said.
“The global context calls for us to conclude our free trade agreement,” she said in a post on X today.
“We have prepared a blueprint for collaboration in the areas of trade, technology, investment, innovation, green growth, security, skilling and mobility. We have directed our teams to conclude a mutually beneficial bilateral free trade agreement by the end of this year,” PM Modi said during the a joint press conference today.
In another post on X, von der Leyen said, “We have a historic opportunity to bring the India-Middle East-Europe Corridor to life. It will connect us like never before. Investing in each other is in our core economic and national interest. Let’s make it happen.”
The India-Middle East-Europe corridor was launched in New Delhi in 2023 during India’s G20 presidency.
The deal had been delayed for many years by New Delhi’s reluctance to lower tariffs in some areas, while the EU did not agree to ease visa curbs on Indian professionals.
India wants lower tariffs on its exports of textiles, garments and leather products to the EU.
Fibre2Fashion News Desk (DS)