Von der Leyen: EU, India aim for largest global trade deal this year

India and the European Union are set to intensify efforts to finalize a major trade deal by the end of this year, according to European Commission President Ursula von der Leyen.

Speaking at an event in New Delhi on February 28, von der Leyen emphasized the significance of the potential agreement, Caliber.Az reports referencing foreign media.

“A free trade agreement between the EU and India would be the largest deal of this kind anywhere in the world,” she said. She assured attendees, "You can count on my full commitment to make sure we can deliver," adding that both the EU and Indian Prime Minister Narendra Modi have agreed to "push to get it done during this year."

Negotiations for the trade pact, which were initially launched in 2007, hit a roadblock in 2013 due to unresolved issues such as European demands for lower tariffs on cars, wine, and dairy products. However, discussions were revived in 2022, and the 10th round of negotiations is slated for next month in Brussels.

Von der Leyen further noted, “We can offer each other distinctive alternatives and tools to make ourselves stronger, more secure and more sovereign in today’s world,” describing the potential agreement as one that “cannot really be replicated by others.”

This renewed push for a trade deal comes amid growing global uncertainties, especially with US President Donald Trump’s threats to impose higher tariffs on both rivals and allies alike.

The European Union remains India's largest trading partner, with bilateral trade reaching $137.4 billion in the fiscal year 2023-24, as reported by India’s commerce ministry. The EU's involvement in strengthening trade ties with India is seen as a strategic move, both economically and geopolitically, given the shifting global landscape.

By Tamilla Hasanova