Europe is ready to deliver a “powerful new agenda" with India, EU foreign policy chief Kaja Kallas said.
Davos: European Commission President Ursula von der Leyen has signaled that negotiations between India and the European Union are approaching a significant phase, telling global leaders at the World Economic Forum (WEF) in Davos that the two sides are "on the cusp of a historic trade agreement" that could reshape global commerce and supply chains.
During her address, von der Leyen framed the prospective India-EU free trade agreement as part of Europe's broader strategy to champion what she described as "fair trade over tariffs, partnership over isolation, sustainability over exploitation."
She said the European Union was committed to de-risking its economy and diversifying supply chains by deepening ties with the world's major growth centres.
"And right after Davos, the next weekend, I will travel to India. There is still work to do, but we are on the cusp of a historic trade agreement," von der Leyen said, adding that "some call it the mother of all deals."
According to her, the agreement would create a combined market of around two billion people and account for nearly a quarter of global GDP, giving European companies a crucial first-mover advantage in one of the world's fastest-growing regions.
Von der Leyen is set to visit India early next week and will be the chief guest at the Republic Day Parade on January 26.
India and the EU are close to finalizing 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 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 ratified by the European Parliament and Council.
Speaking ahead of the 60th EU–India Summit, EU Foreign Policy Chief Kaja Kallas said Europe was ready to deliver a “powerful new agenda" with India, describing the country as “indispensable to Europe’s economic resilience and strategic stability."
