NEW DELHI: India and the European Union have finalized a massive free trade deal, Indian government officials said on Monday, about two decades after negotiations were first launched.
Facing challenges from China and the United States, Brussels and New Delhi have sought closer ties, producing a pact that is to be unveiled in the Indian capital on Tuesday.
Feted Monday as guests of honor at India’s Republic Day parade, European Commission President Ursula von der Leyen and European Council president Antonio Costa are to meet Indian Prime Minister Narendra Modi for a summit.
“Official level negotiations are being concluded and both sides are all set to announce the successful conclusion” of talks at the Tuesday summit, Indian commerce secretary Rajesh Agrawal told AFP.
The EU has eyed India — the world’s most populous nation — as an important market for the future, while New Delhi sees the European bloc as an important source of much-needed technology and investment to rapidly upscale its infrastructure and create millions of new jobs.
