‘Cusp of historic trade agreement’: EU chief says they are close to signing FTA with India; visit scheduled next week

President of the European Commission Ursula von der Leyen talks during the Annual Meeting of the World Economic Forum in Davos (AP photo)

India is close to signing a trade deal with the European Union, as stated by EU chief Ursula von der Leyen during the World Economic Forum in Davos on Tuesday.“There is still work to do.

But we are on the cusp of a historic trade agreement.

Some call it the mother of all deals.

One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,” she said while outlining the EU’s push to expand and diversify its trade partnerships.She also linked the trade push to forthcoming high-level engagement, saying she will visit India next weekend following the World Economic Forum in Davos.

She said the trip is aimed at advancing the proposed trade agreement and underscored that significant work remains to bolster economic ties and deepen cooperation between Europe and India.

Von der Leyen is among the chief guests for the 77th Republic Day celebrations. During the India visit, the Eu chief, alongside president of the European Council Antonio Luis Santos da Costa , will also co-chair the 16th India-EU Summit on January 27.Talking about the proposed agreement with India within Europe’s broader global strategy, von der Leyen said the continent remains open to doing business with partners across the world and will continue to pursue active engagement.

“Europe will always choose the world, and the world is ready to choose Europe,” she said, emphasising the EU’s determination to expand international trade and cooperation.Last week, Commerce and industry minister Piyush Goyal had also said the free trade agreement between India and EU, where negotiations are in the final phase, will be the “mother of all deals” signed by the country so far.

“I have done seven deals so far.

All with developed economies.

This one will be the mother of all,” the union minister said.He added that, “we are getting a super deal.

In areas of EU interest also, we are giving them a super deal.

It has to be a win-win.

The good part is we do not compete with each other.

We have different interests.”Before Goyal, commerce secretary Rajesh Agrawal said the two sides had completed negotiations on 20 of the 24 chapters, with efforts ongoing to conclude the talks by January 26.