EU and India Poised for Dynamic Free Trade Partnership

The European Union is keen on negotiating a Free Trade Agreement with India, driven by strong political momentum. Both parties aim to finalize policies that align their mutual interests. Sweden emphasizes India's potential in AI, recognizing its robust startup ecosystem, and advocates for facilitating innovation and tech financing.

The European Union is eager to negotiate a Free Trade Agreement with India, as confirmed by Jon Simonsson, a senior official from Sweden's Prime Minister's Office. Simonsson emphasized the strong political momentum within the EU to finalize the FTA during his remarks at the Carnegie Global Technology Summit.

The formal discussions, which restarted on June 17, 2022, cover 23 policy areas, building on an announcement by the India-EU Leaders in Porto last year. The EU and India recognize overlapping interests that could benefit from closer collaboration, Simonsson noted.

India's potential in artificial intelligence is notable, with a large base of startups, engineers, and technical expertise. Highlighting India's innovation culture, Simonsson advocated for improving conditions for entrepreneurs, stressing the importance of financing to foster experimentation and growth in the burgeoning startup ecosystem.

(With inputs from agencies.)