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New Delhi, 20 January. European Union (EU) President Ursula von der Leyen announced at the World Economic Forum (WEF) that the EU is close to finalizing a historic agreement with India. In her address to the World Economic Forum in Davos, von der Leyen said Europe wants to trade with today’s growth centers and this century’s economic superpowers. In his address, he tried to give a clear message to America that now Europe is not afraid of tariffs and is ready for partnership with new partners.

Antonio Costa and von der Leyen to be chief guests of Republic Day celebrations

It is noteworthy that European Council President Antonio Costa and von der Leyen will be in India from January 25 to 27 to attend the 77th Republic Day celebrations as chief guests and hold summit talks with Prime Minister Narendra Modi. The two sides are scheduled to announce the completion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27, a day after the Republic Day celebrations.

This will be India’s biggest ever trade agreement after the Republic Day celebrations.

An EU military contingent will take part in the Republic Day parade for the first time, reflecting the growing bilateral strategic ties. The trade deal will be the largest ever by India, covering goods and services with the 27-nation European Union.

This agreement will create a market for 2 billion people – Layne

Von der Leyen said, ‘We have made agreements with many countries. There is still work to do. We are on the threshold of a historic trade agreement. Some call it the mother of all agreements. An agreement that will create a market for two billion people, which is almost a quarter of global GDP.

Possible trade deal with India will strengthen Europe

According to the EU President, the potential trade deal will strengthen Europe. Europe is choosing the economic powerhouses from Latin America to Asia Pacific and the world is also extending its hand towards us.

Layne said that now the EU needs to move faster to increase its economic and strategic strength. “Geopolitical shocks can and should be an opportunity for Europe,” he said. The great transformation that is taking place makes it possible and necessary to build new European freedoms, from defense to the economy and from defense to democracy. Europe is progressing rapidly.

Talking about the India-EU trade agreement, both sides will adopt a document regarding the historic FTA, after which the agreement will be sent for necessary legal process and approval by the European Parliament and Council. The two sides are also likely to sign a security and defense partnership agreement and an agreement to increase mobility of Indians seeking employment in the EU.