NEW DELHI, Feb 28: Prime Minister Narendra Modi met with European Commission President Ursula von der Leyen on Friday to discuss revitalizing the strategic partnership between India and the European Union (EU).
The discussions are anticipated to cover the current negotiations aimed at finalizing an ambitious trade agreement and identifying opportunities to enhance trade and investment relations.
Von der Leyen, along with the EU College of Commissioners and other senior political figures from the bloc, arrived in New Delhi on Thursday for a two-day visit.
“This world is filled with peril. Nonetheless, I perceive this modern iteration of great power competition as a chance for Europe and India to re-envision their partnership,” she stated at a think tank event prior to her discussions with PM Modi.
“In many respects, the EU and India are uniquely positioned to tackle this challenge together,” she emphasized.
The agenda also includes discussions on the Russia-Ukraine conflict, the situation in the Indo-Pacific, and developments in the Middle East.
A joint statement is anticipated to be issued following the talks between Modi and von der Leyen.
The EU aims to broaden its trade relationship with India, and both parties believe that the proposed free trade agreement will significantly bolster economic cooperation.
For the fiscal year 2023-24, India’s trade in goods with the EU reached USD 135 billion, including exports amounting to USD 76 billion and imports totalling USD 59 billion, making the EU New Delhi’s largest trading partner in goods.
Bilateral trade in services for 2023 was recorded at USD 53 billion, featuring Indian exports worth USD 30 billion and imports worth USD 23 billion, marking the highest-ever level of trade in services.
The EU’s investments in India are estimated at over USD 117 billion, with approximately 6,000 European companies operating in the country.
India’s investments in the EU are valued at around USD 40 billion. (PTI)
