India, EU Near Year-End Free Trade Agreement Closure

India and the European Union are intensifying efforts to finalize a comprehensive and balanced free trade agreement (FTA) by the end of 2025, aiming to create a win-win economic partnership that benefits businesses and consumers on both sides. Key negotiators, including India's Commerce Minister Piyush Goyal and EU Trade Commissioner Maroš Šefčovič, emphasize a pragmatic approach that involves give-and-take to achieve a durable pact. The agreement is expected to cover over 23 areas, including trade, investment, technology transfer, and collaboration, with a particular focus on boosting the automotive component sector. Both sides acknowledge challenges and disagreements but are committed to building trust and leveraging each other’s strengths, such as India's growth and resilience and Europe's technology and innovation. The FTA aims to enhance supply chains, reduce trade barriers, and foster joint ventures and research, especially in automotive technologies like electric vehicles and advanced batteries. This landmark deal is seen as a strategic economic partnership that could help navigate global geopolitical and trade uncertainties while driving sustainable growth and innovation.