India and the European Union have set a year-end deadline for a historic free trade agreement. The announcement was made in a joint statement by Prime Minister Narendra Modi and EU chief Ursula von der Leyen. The move also comes as the EU and most nations globally are trying to soften the impact of tariffs imposed by Donald Trump. India is in talks with several other nations independently, including the UK, to set up free trade pacts as the world’s fastest growing major economy aims to give a boost to its trade ties. The European Union is already India’s largest trading partner with two-way trade accounting for more than $137 billion in 2023-24. In the last decade alone – since 2014 – India-EU trade has grown by a massive 90 per cent. The Indian Ocean is the \”lifeline for global trade\” and ensuring its security is \”vital, not just for India but for the whole world,\” the European Commission chief said at a press conference in New Delhi.
