External Affairs Minister S. Jaishankar has underscored the importance of finalizing the India-European Union (EU) free trade agreement (FTA), saying a speedy conclusion could significantly strengthen global economic stability and democratic cooperation. His remarks came after meeting with a visiting EU delegation in New Delhi for talks aimed at completing the long-awaited trade deal before the December deadline.
Jaishankar emphasized that deeper collaboration between India and the EU would not only boost economic growth but also reinforce shared democratic values. “Discussed how India & the European Union can maximize convergences and deepen cooperation. This can stabilize the global economy and strengthen democratic forces,” he said, adding that an early conclusion of the FTA could “make a big difference” to achieving these goals.
The EU is currently India’s largest trading partner, with bilateral trade in goods totaling $135 billion in 2023-24. Both sides have concluded negotiations on several key chapters, including customs and trade facilitation, digital trade, sustainable food systems, small and medium enterprises, and capital movements.
Commerce Minister Piyush Goyal’s recent visit to Brussels helped accelerate talks, with EU ambassador Hervé Delphin noting “substantial progress” and reaffirming that both sides remain committed to sealing the deal by year’s end. The FTA is expected to unlock significant market access opportunities and enhance economic cooperation between India and the EU.
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