India-UAE Free Trade Agreement Nears Conclusion, Promises Economic Growth

The Ministry of External Affairs announced India hopes to finalize a Free Trade Agreement with the European Union soon. Negotiations resumed in June 2022 after a pause since 2013. The agreement, directed by top leaders, aims to strengthen technology and defense cooperation amid global trade challenges.

The Ministry of External Affairs has expressed optimism about concluding a Free Trade Agreement (FTA) with the European Union shortly. The announcement follows the recent visit by the College of Commissioners, led by European Commission President Ursula von der Leyen, who, alongside Prime Minister Narendra Modi, directed both teams to finalize the agreement within the year.

In a statement, MEA Secretary West Tanmaya Lal emphasized that negotiations are progressing robustly, as both parties aim to finalize the much-anticipated deal. The pact, representing the largest of its kind, was rekindled in June 2022 after a lengthy pause since 2013, with hopes to enhance economic ties through technology and defense cooperation.

This renewed momentum in negotiations aligns with strategic posturing, especially following recent threats by US President Donald Trump to impose hefty tariffs on the bloc. The EU Commission's visit, accompanied by senior political leaders, reflects a shared commitment to establishing a robust trade framework benefiting both regions.

(With inputs from agencies.)