India And the European Union (EU) has successfully completed its negotiations for the proposed Free Trade Agreement (FTA) and the deal has been finalized. India and the EU will announce this historic FTA at the India-EU summit to be held on Tuesday. Commerce Secretary Rajesh Aggarwal gave this information on Monday. He said that from India’s perspective this trade agreement is balanced and future-oriented, which will help in better economic integration of India with the European Union. Aggarwal expressed confidence that this will give new impetus to trade and investment in both the economies.
When will India-EU Free Trade Agreement come into force?
“The draft agreement is currently under legal review,” the Commerce Secretary announced. The government’s effort is to complete these processes quickly and sign the agreement. It is expected that this agreement will be signed this year and it may come into effect early next year. Through this FTA, India and the European Union will finalize a strategic defense agreement and smooth movement of migrants on Tuesday. Prime Minister Narendra Modi will host European Commission President Ursula von der Leyen and European Council President Antonio Costa in this summit. The meeting is expected to offer a comprehensive approach to both sides amid geopolitical instability arising from Washington’s policies on trade and security.
Security and defense partnership will be signed
“A successful India makes the world more stable, prosperous and secure. We all benefit from this,” Von der Leyen said on Monday. He described the participation of EU troops in the Republic Day Parade as a powerful symbol of the deepening security cooperation between the two sides. “It will culminate tomorrow with the signing of our security and defense partnership,” he said, confirming the results.
It is a deep honor to be invited as a guest for Republic Day.
EU Trade and Economic Security Commissioner Maros Sefcovic indicated after witnessing the Republic Day celebrations that the India-EU free trade agreement will be finalized on Tuesday. “It is a profound honor to be invited as the guest of honor for India’s Republic Day. There could be no more opportune moment to reaffirm our partnership and further strengthen it through the conclusion of an ambitious FTA,” he said on social media.
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