EU-India Trade Deal Nears After 20 Years, Defense Pact Expected

Sachdev, in a conversation with ANI, said that after the agreement, the export of Indian goods and services to Europe is expected to go up to USD 250 to 270 billion.

"The visit of the EU leaders to India is coming at a very critical time, especially for Europe. In any case, India-EU free trade agreement will be signed this time, which has been in the works for the last 20 odd years. This trade agreement covers from goods to services to mobility of professionals. Presently, our trade or our export of goods and services is around $130 billion," he said.

Sachdev hailed the defence partnership between India and the EU.

"After this agreement, the export of our goods and services to Europe is expected to go up to 250 to 270 billion dollars in the next five to six years. So that's a major quantum jump. However, in addition to the trade component, there is expectation that there will also be a defence partnership agreement signed. Now that becomes even more important for Europe again, I would say," he said.

Sachdev said that Europe is realising that the US is moving away from it. Hence, it is looking for a way out.

"In the present environment, when Europe is finding that America is kind of drifting away from it, when Europe needs its own security cover, and Europe realizes that it has made woeful investments in defense, Europe is majorly ramping up its defense expenditures, it will bring, I think, considerable advantage to India and Europe both once this defense agreement is signed," he said.

President of the EU Commission, Ursula von der Leyen on Sunday said that Europe and India have chosen strategic partnership, dialogue and openness.

In a post on X, she said, "I'm so glad to be in India today. India and Europe have made a clear choice. The choice of strategic partnership, dialogue and openness. Leveraging our complementary strengths. And building mutual resilience. We are showing a fractured world that another way is possible."

- ANI