Davos: European Commission President Ursula von der Leyen said on Tuesday that the European Union (EU) is set to finalise a “historic” free trade agreement (FTA) with India.
Addressing the World Economic Forum (WEF) here, she describing the upcoming trade pact as historic.
“There is still work to do. But we are on the cusp of a historic trade agreement,” she told the gathering, adding that the pact could create a market of nearly two billion people.
Von der Leyen is set to visit India early next week and will be the chief guest at the Republic Day Parade on January 26.
She further stated that the EU had acted swiftly in recent years on energy security and access to raw materials.
EU now needs to move with greater urgency to strengthen its economic and strategic resilience, Von der Leyen noted.
“Geopolitical shocks can – and must – be an opportunity for Europe. The seismic shift underway makes it both possible & necessary to build a new European independence. From security to the economy. From defence to democracy. Europe is gathering speed,” she mentioned.
India and the EU are close to finalising a landmark FTA on January 27, a day after the Republic Day celebrations which will be attended by the top EU leadership as chief guests. A document will be adopted by both sides to announce the conclusion of FTA negotiations, after which, the agreement will be put through the required legal process and ratification by the European Parliament and Council.
Both sides are also likely to sign a security and defence partnership agreement and a pact to enhance mobility for Indian professionals getting employment in the EU.
European Council President Antonio Costa and European Commission President von der Leyen will be the chief guests at India’s 77th Republic Day celebrations before jointly co-chairing the summit. A military contingent from the EU will, for the first time, participate in the Republic Day parade, reflecting the growing bilateral strategic relationship.
The trade deal will be the largest ever that India has signed, covering goods and services with the 27-nation European Union, one of India’s biggest export destinations.
(IANS)
