EU-India Trade Historic Agreement Nearing Conclusion

The anticipated trade agreement between the European Union and India is set to create a single market for around 2 billion people and ensure control over nearly a quarter of global gross domestic product. This was announced by European Commission President Ursula von der Leyen during her speech at the World Economic Forum held in Davos.

According to her, Europe aims to deepen economic cooperation with key centers of economic growth in the 21st century, encompassing not only Latin America but also the Asia-Pacific region and markets beyond. Von der Leyen emphasized that the EU intends to establish active trade relations with leading players in the global economy.

According to The Economic Times, the parties are expected to officially announce the conclusion of negotiations on January 27 during the 16th India-EU summit. The signing of the agreement is anticipated in the coming months, following the necessary legal procedures, including ratification by the European Parliament.

It is worth noting that trade negotiations between the EU and India began in 2007 but were halted in 2013 due to several contentious issues.