The free trade agreement (FTA) negotiations between India and the European Union should conclude within a reasonably short time, External Affairs Minister S Jaishankar said on February 28.
“Europe and India can strengthen each other's strategic autonomy by reducing dependencies, coordinating on critical technologies and ensuring supply restructuring,” Jaishankar said at the India-Europe Business and Sustainability Conclave in New Delhi.
“India-EU FTA is, therefore, a very important goal and the TTC (trade and technology council) will provide structure and strategic guidance to this partnership.”
India's relations with Europe are stronger and deeper than before, the minister said as he addressed industry representatives as well as European diplomats.
Between the two entities rests the largest democratic and free market space globally, the minister added. "We expect India-EU FTA to be a game-changer to our relationship. Expect negotiation process to end within a reasonably short time", Jaishankar said.
EU is one of India's largest trade partners, with bilateral trade in excess of $115 billion in 2021-22.
India and EU formally resumed negotiations on the proposed FTA in January 2022. The two sides have held several rounds of discussions since.
In recent years, India has signed multiple FTAs with trade partners, including with Australia and the United Arab Emirates. FTA negotiations with the United Kingdom are on.
India is fast emerging as a destination for countries and companies seeking to move their supply chains away from China.
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