India and EU Poised to Announce Landmark Trade Deal After Decades of Talks

New Delhi. After nearly two decades of fluctuating negotiations, India and the European Union are preparing to announce a historic trade agreement. Amidst a changing global political landscape and rising tensions with the United States, both sides are seeking to strengthen their strategic and trade relations.

India's Commerce Secretary, Rajesh Agarwal, announced on Monday that talks have concluded and the agreement has been finalized. In this context, European Commission President Ursula von der Leyen and European Council President António Luís Santos da Costa are in Delhi. The formal announcement of the agreement is expected.

Both India and the EU are grappling with economic and geopolitical pressure emanating from the United States. India-US trade talks remain unresolved after US President Donald Trump imposed a 50% tariff on India last year. Meanwhile, the EU is facing pressure from a potential trade war with the US following the Greenland dispute.

Santos da Costa stated that this agreement sends a message to the world that India and the EU believe in trade agreements rather than additional tariffs. Von der Leyen mentioned that India and Europe are committed to working together to build a new world order. The EU leaders, who were the chief guests at India's Republic Day ceremony on Monday, will participate in a bilateral summit meeting with Prime Minister Narendra Modi on Tuesday. The formal announcement of the agreement is expected thereafter. However, the agreement is likely to be formally signed towards the end of this year after approval from the European Parliament and Council.