India and the EU are expected to achieve $137.5 billion in bilateral trade in the fiscal year 2023-24, reflecting nearly 90% growth over ten years. EU President Ursula von der Leyen’s visit to India emphasizes the urgency of concluding a free trade pact. Leyen stresses that cooperation is vital amid global fragmentation and competition.
Bilateral trade between India and the European Union (EU) is projected to reach $137.5 billion in the 2023-24 fiscal year, marking an impressive growth of nearly 90% over the past decade. The discussions on the long-stalled India-EU free trade agreement resumed in 2021, now addressing critical issues such as investment protection and geographical indications.
Ursula von der Leyen, President of the European Commission, is currently in India for a two-day visit alongside leaders from various EU member states. This visit occurs amid rising geopolitical tensions, allowing both regions to explore key areas for enhanced strategic cooperation.
During a business conference, Leyen expressed optimism about the partnership, stating that difficult times can lead to stronger collaboration between India and the EU. She also noted, “Prime Minister Modi and I have agreed to work toward concluding a free trade pact this year.”
Leyen remarked on the mutual risks posed by a fragmented global landscape characterized by spheres of influence. She stated, “We both stand to lose in such a scenario, but we stand to gain from a framework of cooperation and collaboration.”
Furthermore, she highlighted that the current dynamics of global competition offer a unique opportunity for both Europe and India to reconsider and reinforce their partnership as they navigate a complex international environment.
In summary, India-EU trade is projected to flourish, with a target of $137.5 billion for the coming fiscal year. The revival of discussions on the free trade agreement signifies ongoing efforts to strengthen economic collaboration. Leaders from both regions are focused on navigating geopolitical challenges and maximizing the benefits of their strategic partnership, indicating a positive outlook for future cooperation.
Original Source: m.economictimes.com
