Spanish Foreign Minister José Manuel Albares stated during his visit to New Delhi on Wednesday that a major trade agreement between India and the European Union is expected to be reached within a few days. Albares explained, after his meetings with Indian officials, that the talks are progressing “excellently” and there are no obstacles, emphasizing that this agreement sends a strong message to the world about the commitment to free trade and protecting economic security from any pressure.
European Commission President Ursula von der Leyen is expected to arrive in India next week to finalize this agreement. Upon completion of this agreement, a huge market of two billion consumers will be created, making it surpass the EU agreement with the “Mercosur” bloc signed last Monday, making India and the EU together the largest free trade area in the world. The Indian Minister of Commerce described this step as “the most important agreement ever.”
This historic agreement comes amid strained relations between New Delhi and Washington, due to US President Donald Trump imposing high tariffs to pressure India to stop buying Russian oil. On the other hand, India has strengthened its economic position, with the International Monetary Fund expecting it to become the fourth-largest economy in the world this year.
EU statistics show remarkable growth in economic cooperation with India, with the following figures recorded in 2024:
-Exchange of goods: 120 billion euros ($139 billion), an increase of nearly 90% over a decade.
-Trade in services: Reached 60 billion euros ($69 billion).
