New Delhi – Rajya Sabha Deputy Chairman Harivansh conveyed a positive outlook on Wednesday regarding the finalization of the India-EU Free Trade Agreement (FTA), anticipating a balanced and mutually beneficial outcome that promises a win-win situation for both India and the European Union.
These remarks were made during a significant meeting with a parliamentary delegation from the European Parliament’s Committee on International Trade Affairs, led by Cristina Maestre, the INTA Standing Rapporteur for India. Harivansh emphasized the shared values of India and the EU, noting that both are prominent democracies with open market economies and diverse societies, and that their bilateral relations are on an upward trajectory.
Expressing confidence in the shared vision, Harivansh stated that both India and the EU are committed to achieving a successful FTA, which will further solidify their trusted partnership amidst the current complex geopolitical landscape. He acknowledged the crucial role of the European Parliament, particularly the INTA Committee, in the ratification process of such trade agreements, reiterating that a well-balanced FTA would be immensely beneficial for both entities.
Highlighting the robust economic ties, Harivansh pointed out that the EU is India’s foremost trade and investment partner, and a significant source of technological advancement. In the last financial year, the EU, as a collective bloc, stood as India’s largest bilateral trading partner for goods.
According to an official statement, the Rajya Sabha Deputy Chairman also noted that several key initiatives outlined in the new strategic EU-India agenda are actively being discussed. These include the finalization of the India-EU FTA by the end of the year and the establishment of a security and defense partnership, both anticipated to be major outcomes of the upcoming India-EU Summit.
Harivansh described the EU’s Joint Communication, released in September, which details a “new India-EU Strategic Agenda” to enhance their partnership, as a highly positive development. He praised the EU’s ambitious approach and recognized its potential to advance the partnership across various domains, including trade, technology, security, defense, innovation, climate action, connectivity, mobility, and global governance.
He also expressed satisfaction with the strong momentum in parliamentary exchanges, recalling a recent visit by an all-party parliamentary delegation to Brussels. This visit, he noted, followed the terror attack in Pahalgam and facilitated meaningful interactions with Members of the European Parliament, underscoring the strengthening India-EU partnership.
The meeting occurred at a particularly opportune moment, coinciding with Union Minister of Commerce and Industry Piyush Goyal’s visit to Brussels for discussions with European counterparts, further reinforcing the mutual commitment to advancing the India-EU partnership.