New Delhi, Oct 30 (IANS) Prime Minister Narendra Modi will visit Brussels in December to formally sign the India-European Union free trade agreement in major step to strengthen economic ties between the two sides, European Council President Antonio Costa said on Thursday.
“Prime Minister Modi will come in December to sign the deal,: Costa said at an event organised by the Montreal Council on Foreign Relations in Canada.
The visit is expected shortly before a meeting of European leaders in Brussels scheduled to begin on December 17. Costa is in Montreal for a two-day EU-Canada summit. focused on strengthening ties.
India and the EU concluded negotiations on the trade agreement earlier this year. The pact is projected to create a market covering more than two billion people and accounting for around a quarter of the global economy.
India’s proposed free-trade agreement with the European Union could become operational within four to five months after it is signed, Commerce Minister Piyush Goyal said last week.
Prime Minister Modi and European Commission President Ursula von der Leyen had jointly announced the conclusion of the India–European Union Free Trade Agreement (India–EU FTA) during the visit of the European leaders to India. This announcement marked a historic milestone in India–EU economic relations and trade engagement with key global partners.
The conclusion of this FTA positions India and the European Union as trusted partners committed to open markets, predictability, and inclusive growth.
The European Union is one of the largest trading partners of India, with bilateral trade in goods and services growing steadily over the years. In 2024–25, India’s bilateral trade in goods with the EU stood at Rs 11.5 lakh crore ($136.54 billion), with exports worth Rs 6.4 lakh crore ($75.85 billion) and imports amounting to Rs 5.1 lakh crore ($60.68 billion). India-EU trade in services reached Rs 7.2 lakh crore ($83.10 billion) in 2024.
India and the EU are the 4th and 2nd largest economies, comprising 25 per cent of global GDP and accounting for one third of global trade. Integration of the two large, diverse, and complementary economies will create unprecedented trade and investment opportunities.
Beyond a conventional trade deal, it represents a comprehensive partnership with strategic dimensions and is one of the most consequential FTAs. India has secured unprecedented market access for more than 99 per cent of Indian exports by trade value to the EU, which also bolsters the ‘Make in India’ initiative. Beyond goods, it unlocks high-value commitments in services, complemented by a comprehensive mobility framework enabling seamless movement of skilled Indian professionals.
–IANS
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