New Delhi: Prime Minister Narendra Modi, European Council President António Costa, and European Commission President Ursula von der Leyen welcomed the conclusion of negotiations on the India-European Union Free Trade Agreement (FTA) on Tuesday. The three leaders described this as a historic milestone in the India-EU strategic partnership.
Following the 16th India-EU Summit, a joint statement highlighted that the agreement will strengthen trade and investment ties, promote shared prosperity, build resilient and diversified supply chains, and support sustainable and inclusive development between India and the EU.
The leaders emphasised the crucial role of the World Trade Organization (WTO) and underlined the need for comprehensive reforms to enhance the global trade system, ensuring benefits for all countries.
In a world facing uncertainties and disruptions, the statement noted that stronger economic relations between India and the EU have become more essential than ever for growth, employment, green transition, industrial development, and reliable supply chains.
Both sides committed to fully implementing the FTA and urged their teams to expedite negotiations on the Investment Protection Agreement (IPA) and Geographical Indications (GI) agreement. They also agreed to increase bilateral investments and enhance private sector participation.
The joint statement recognised the complementary strengths of India and the EU in technology. It said both parties will boost cooperation across the entire value chain by linking research, innovation, and business, with the India-EU Trade and Technology Council (TTC) serving as a key platform for this partnership.
Further collaboration will focus on promoting digital public infrastructure and strengthening cooperation in emerging technologies, innovation, and research. The establishment of the India-EU Innovation Hub and the India-EU Startup Partnership was also agreed upon.
The leaders welcomed the extension of the India-EU Scientific and Technological Cooperation Agreement until 2030 and agreed to initiate talks to connect India with the EU’s Horizon Europe research programme.
Cooperation was also emphasised in clean energy and climate change, including the formation of the India-EU Green Hydrogen Task Force and the upcoming India-EU Wind Business Summit in 2026.
Enhancing regional connectivity and opening new trade opportunities for Indian and European companies were highlighted. Progress was noted on the India-EU Connectivity Partnership, Aviation Dialogue, maritime transport cooperation, and the India-Middle East-Europe Economic Corridor (IMEC).
EU leaders welcomed the upcoming AI Impact Summit scheduled for 19-20 February in New Delhi and expressed optimism about its success.
Additionally, the leaders addressed the India-EU Business Forum, which included industry leaders from both sides. They called for increased private investment, new business initiatives, and stronger India-EU trade relations.
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