India hopeful of finalising FTA with EU soon: MEA

New Delhi: The Ministry of External Affairs on Friday said India is hopeful that Free Trade Agreement (FTA) with the European Union will be finalised soon.

During the recent visit of College of Commissioners, led by European Commission President Ursula von der Leyen, she and Prime Minister Narendra Modi had decided to direct their teams to finalise the FTA within this year, said Secretary West, Ministry of External Affairs (MEA), Tanmaya Lal.

"So, that has been a very clear direction. And the negotiations are ongoing. Both the teams are taking forward the process in a very strong manner and we are very hopeful that the FTA will be finalised soon," Lal said.

The visit had taken place earlier in February when both sides agreed to seal a much-awaited free trade deal by this year and boost technology and defence cooperation.

The deadline for concluding the trade deal that would be the largest of its kind globally came over 17 years after the two sides first began negotiations for it. The talks for the pact was re-launched in June 2022 after they were suspended in 2013.

The visit to India by the EU Commission chief, accompanied by the College of Commissioners or senior political leaders of the bloc's member nations, came days after US President Donald Trump threatened the bloc with 25 per cent tariffs.