India and the European Union agreed Friday to finalize the long-pending free-trade agreement and enhance cooperation in trade and technology.

Modi stated that after meeting Ursula von der Leyen, President of the European Commission, both sides had directed their teams to complete the bilateral free-trade deal by the end of the year. Modi stated that many decisions were made to “elevate the India-EU Partnership” during the meeting.

The strategic partnership between India and the EU is natural. Modi said that the core of this partnership is based on trust and shared democratic values.

The European Commission chief stated that the “free-trade agreement between the EU India will be the largest of its kind anywhere in the World.”

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Brussels has intensified its efforts to reach a deal with New Delhi despite the threat of U.S. Tariffs. Donald Trump, the U.S. president, has stated that he plans to impose a 25% tariff on goods produced in Europe.

It is time to be ambitious and pragmatic. “And to realign our priority for today’s reality,” von der Leyen stated at a speech to a New Delhi think tank before meeting Modi. “You can count me to deliver.

The European Commission Chief is visiting India for a two-day trip starting Thursday, accompanied by leaders from EU member countries.

India and the EU have relaunched the bilateral agreement talks in 2021. However, issues such as market access for cars and alcohol beverages were sticking points. The next round is scheduled to take place in march.

India and the EU have a close relationship on topics such as foreign policy, technology and security. India’s biggest trading partner is the EU, followed by the U.S.A. and China.

Exports and imports into the European Union will reach $130 billion in the fiscal year 2023-24, an increase of approximately 90% from the previous decade. In India, there are over 6,000 European firms.

Von der Leyen stated that the EU and India could be one of the most important partnerships of the century.

“I would like this visit to mark the beginning of a new era. We both share the same opinion. She said, “It is time to move our EU-India Strategic Partnership up a notch.”

New Delhi has a renewed interest in the trade negotiations after Trump’s decision imposing reciprocal tariffs against goods imported from other countries, including India.

India signed an agreement last year with Iceland, Liechtenstein and Norway, which comprise the European Free Trade Association. The agreement includes a commitment to invest $100 billion. These investments will be spread across industries such as pharmaceuticals, machinery, and manufacturing.