Following a meeting with European Commission President Ursula von der Leyen, Prime Minister Narendra Modi announced that India and the EU are looking to finalize the bilateral Free Trade Agreement within this year.
He announced that India and the European Union (EU) have developed a blueprint for collaboration in trade, technology, security, and mobility, with plans to finalize the bilateral Free Trade Agreement by the end of this year. “This strategic partnership, which has developed over two decades, is both natural and organic. It is founded on trust, a common belief in democratic values, and a shared commitment to prosperity and progress,” Modi stated during a joint press conference with von der Leyen. In response, Ursula von der Leyen referred to India as “a pillar of certainty in an increasingly uncertain world.” She emphasized the need to enhance security and defense cooperation in the face of bolder authoritarian states, which she described as ignoring borders and threatening peace at sea, without naming specific countries.
The two parties have also reached an agreement to collaborate on three key areas: trade, technology, and security. In this regard, von der Leyen stated that the EU will facilitate increased mobility for India’s skilled workforce and students.
PM Modi noted that throughout the two-day high-profile visit, nearly 20 meetings at the ministerial level were conducted across various sectors. He stated, “We engaged in sincere and substantive discussions on numerous regional and global issues, resulting in several key decisions aimed at enhancing and advancing our partnership.”
To enhance the investment framework, discussions have been focused on advancing the investment protection and GI Agreement, he stated. Regarding technology and innovation, Prime Minister Modi emphasized that establishing a reliable and secure value chain is a shared priority, highlighting several areas for collaboration. “We have also reached an agreement to boost cooperation in semiconductors, artificial intelligence, high-performance computing, and 6G. Additionally, we have decided to launch a Space Dialogue,” he remarked.
Modi emphasized, ‘Both parties recognize the significance of peace, security, stability, and prosperity in the Indo-Pacific region. We are pleased to note the EU’s decision to participate in the Indo Pacific Oceans Initiative. Together, we will collaborate on Triangular Development projects aimed at fostering sustainable and inclusive development in both the Indo-Pacific region and Africa.’
PM Modi announced that actions will be taken to advance the India-Middle East-Europe Economic Corridor, an initiative introduced in New Delhi in 2023 during India’s G20 presidency.