EU India FTA Deal: European Commission President Ursula von der Leyen and European Council President Antonio Costa have arrived in New Delhi to sign the “mother of all deals” and be the Chief Guests for the 77th Republic Day at Kartavya Path in New Delhi.
The relations between the European Union (EU) and India have been built around a series of initiatives across many years. This includes the India-Middle East-Europe Economic Corridor (IMEC), the Global Gateway and the Trade and Technology Council (TTC) to name a few, reflecting deepening institutional alignment.
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EU India FTA Deal-Beyond the Republic Day Celebrations
Costa and Von der Leyen would be representing the EU at the 16th EU-India Summit that would take place on January 27. The duo would meet the Indian Prime Minister Narendra Modi to expand cooperation in vital areas and deepen their strategic partnership.
In a statement, it was said that defence, security and trade along with a smooth transition and people-to-people cooperation would be the top things to be discussed.
It is likely that the EU and India would sign the historic FTA deal that would significantly minimize dependence of both EU and India on limited supply chains while improving their access to markets.
The EU-India summit would also discuss a 5-year roadmap covering technology, sustainability, economic ties and shared global challenges. Both EU and India are keen to boost economic resilience, strengthen security cooperation and work more closely at global forums.
Washington Stutters, Softens
Owning to the historic EU-India FTA deal, the United States has now softened its stance. Recently, US treasury secretary Scott Bessent remarked that the 25 percent tariffs on India could be removed as Russian oil purchased by India have “collapsed”.
Bessent went on to blast Europe for not imposing any kind of tariffs on India. He accused the European allies of prioritizing trade interests over the enforcement of sanctions.