Prime Minister Narendra Modi with President of the European Commission Ursula von der Leyen and President of the European Council Antonio Costa during the Republic Day Parade in New Delhi.
Credit: PTI Photo
New Delhi: India and the European Union (EU) are set to eliminate or substantially lower tariffs on a majority of traded goods as the two sides close in on a long-awaited free trade agreement (FTA), which is likely to be announced on Tuesday.
Prime Minister Narendra Modi is scheduled to host European Commission President Ursula von der Leyen and European Council President Antonio Costa at the India-EU Summit.
The trade deal is likely to be the key focus of the 16th edition of the India-EU Summit. Top leadership from both sides have hinted at the conclusion of the deal, for which the negotiation was launched in 2007.
Commerce Secretary Rajesh Agrawal on Monday said that negotiations have concluded and the deals would be announced following the India-EU Summit. However, final signing of the agreement will take place after legal scrubbing of text, which can take up to 5-6 months, he said.
“A successful India makes the world more stable, prosperous and secure. And, we all benefit,” von der Leyen said in a post on X.
Last week, von der Leyen had termed the proposed FTA between India and the EU as the ‘mother of all deals’.
PM Modi said the presence of the EU’s top leadership at the Republic Day celebrations “underscores the growing strength of the India-EU partnership.”