India and EU Push to Finalize Free Trade Agreement by Year-End

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Prime Minister Narendra Modi has reaffirmed India’s commitment to concluding a free trade agreement with the European Union by the end of this year. Speaking at the India-Cyprus CEO Forum in Limassol, Modi emphasized the importance of strengthening economic ties with Europe, highlighting India’s rapid digital transformation and growing manufacturing capabilities.

Key Highlights of the India-EU Trade Negotiations

- India and the EU have been engaged in negotiations for a comprehensive free trade agreement, aiming to enhance market access and reduce trade barriers
- Modi stated that discussions have gained momentum, with both sides working toward finalizing the agreement before the close of 2025
- The deal is expected to cover critical sectors such as technology, infrastructure, financial services, and digital trade
- Modi also announced a separate free trade agreement between India and Greece, reinforcing India’s expanding trade partnerships in Europe

Strategic Importance and Economic Impact

The India-EU free trade agreement is expected to significantly boost bilateral trade, which currently stands at over 120 billion dollars annually. The agreement will facilitate smoother trade flows, encourage investment, and strengthen India’s position as a global manufacturing hub.

Future Outlook

With Cyprus set to assume the rotating presidency of the EU next year, the agreement could pave the way for deeper economic cooperation between India and European nations. Modi’s emphasis on digital innovation and infrastructure development further signals India’s readiness to integrate with global markets.

Sources: NewsBytes, India Today, Fortune India.