Finance Minister Nirmala Sitharaman met Christine Lagarde, President of the European Central Bank (ECB), in Munich, Germany, among several other key dignitaries, during her ongoing visit. Both leaders were pleased to note the finalisation of the India and the European Union Free Trade Agreement (FTA) in January 2026.
In Munich, Nirmala Sitharaman stresses on differentiated climate action responsibilities
The Union Finance Minister underlined the financial role the ECB can play in facilitating trade under the EU-India FTA deal. Ms. Sitharaman also mentioned that through the Union Budgets 2025-26 and 2026-27, India will allow EU banks to open up to 15 branches over four years under the India-EU FTA framework.
In another engagement, Ms. Sitharaman met Vera Songwe, Chair and Founder of the Liquidity and Sustainability Facility. The discussions focused on global capital markets and structural challenges for emerging economies, particularly with regard to fiscal space in the backdrop of an ever-shifting geopolitical environment. The Union Finance Minister also met Brigitte Haas, Prime Minister of Liechtenstein, and Alois Philipp Maria, H.S.H. Hereditary Prince Alois of Liechtenstein.
EU-India FTA to be implemented in 2026 itself, labour intensive sectors to benefit: Piyush Goyal
