NEW DELHI: The leaders of India and the European Union will announce a trade deal on Tuesday when they meet in New Delhi to formalize a pact reached after two decades of negotiations.
EU chiefs and Prime Minister Narendra Modi aim that the pact, which Indian officials said was concluded on Monday, will help shield against challenges from the world’s two leading economies, the United States and China.
"Official level negotiations are being concluded, and both sides are all set to announce" the conclusion of talks at the Tuesday summit, Indian commerce secretary Rajesh Agrawal told AFP late Monday.
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 set to meet Modi late Tuesday morning.
"The EU stands to gain the highest level of access ever granted to a trade partner in the traditionally protected Indian market," von der Leyen said on Sunday, adding that she expected exports to India to double.
"We will gain a significant competitive advantage in key industrial and agri-good sectors."
Talks went down to the wire on Monday, focusing on a few sticking points, including the impact of the EU's carbon border tax on steel, according to sources familiar with the discussions.
'Clear choice'
The accord comes as both Brussels and New Delhi have sought to open up new markets amid US tariffs and Chinese export controls.
India and the EU were also expected to conclude an accord to facilitate the movement of seasonal workers, students, researchers, and highly skilled professionals, as well as a security and defense pact.
New Delhi, which has relied on Moscow for key military hardware for decades, has sought to reduce its dependence on Russia in recent years by diversifying imports and boosting domestic manufacturing.
Europe is doing the same with regard to the United States.
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