Berlin Backs ‘Ambitious’ EU-India Trade Deal
India and the EU have long been negotiating a trade deal, but talks have been slow and progress has been limited. However, a recent meeting between German Chancellor Angela Merkel and Indian Prime Minister Narendra Modi has given the negotiations a boost.
Merkel said that she supports an “ambitious” trade deal between the EU and India. She said that such a deal would be “mutually beneficial” and would help to boost economic growth in both regions. Modi also expressed his support for a trade deal, saying that it would be a “win-win” for both sides.
The EU is India’s largest trading partner, accounting for 11.1% of India’s total trade in 2019. The EU is also India’s largest export market, accounting for 18.1% of India’s total exports in 2019.
India is the EU’s 10th largest trading partner, accounting for 2.1% of the EU’s total trade in 2019. India is also the EU’s 9th largest export market, accounting for 3.2% of the EU’s total exports in 2019.
A trade deal between the EU and India could boost trade between the two regions by up to €10 billion per year. The deal could also create new jobs and boost economic growth in both regions.
