New Delhi, September 23 (Daily Kiran) : The proposed free trade agreement (FTA) between India and the European Union (EU) is expected to be signed by the end of this year, according to Jasper Wieck, the German ambassador to India. Speaking at a press conference in New Delhi, Wieck emphasized that realizing the economic potential of the agreement and boosting bilateral trade and investment are top priorities.
Wieck noted that negotiations for the agreement were completed earlier this year, paving the way for formal signatures before the year’s end. He expressed a commitment to ensuring that both Indian and German companies can fully capitalize on the economic opportunities presented by the FTA.
“The agreement was finalized at the beginning of the year, and we anticipate signing it by the end of this year. Our focus will be on unlocking its economic potential,” Wieck stated.
Experts believe this agreement could significantly enhance bilateral trade, potentially doubling trade volumes between the two parties. Wieck highlighted the increasing importance of the India-Germany strategic partnership, established in 2000, amid rapid changes in the global geopolitical landscape.
He described the current international environment as unpredictable, with diminishing trust among nations and rising competition among major powers. The ambassador underscored that the decline in the global strategic climate has amplified the importance of partnerships based on trust, predictability, and mutual confidence.
Wieck asserted that India and Germany share these qualities, making collaboration vital in addressing emerging global challenges.
Earlier, in response to concerns about potential U.S. tariffs on India due to its purchase of Russian oil, Wieck clarified that the U.S. has not imposed any tariffs or restrictions on India. He explained that Congress has merely authorized the President to impose sanctions at his discretion, and no such decision has been made yet.
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