New Delhi: The European Union is close to concluding a long-awaited free trade agreement with India, though some work remains before the deal can be finalised, European Commission President Ursula von der Leyen said on Tuesday.
Speaking at the World Economic Forum in Davos, von der Leyen described the proposed agreement as a potentially transformative step in global trade. She said negotiations were at a crucial stage and signalled optimism about reaching a breakthrough.
“There is still work to do, but we are on the cusp of a historic trade agreement,” she said while outlining the EU’s efforts to diversify its trade partnerships. Referring to the scale of the deal, von der Leyen noted that some have described it as the “mother of all deals”, as it would create a combined market of nearly two billion people and account for close to a quarter of the world’s gross domestic product.
The proposed free trade agreement is seen as a strategic move for both sides, aimed at boosting economic ties, expanding market access and strengthening cooperation amid shifting global trade dynamics.
Von der Leyen is expected to travel to India early next week, a visit that is likely to give further momentum to the negotiations and signal political intent at the highest level to push the agreement across the finish line.
