India and the European Union (EU) want to wrap up a free trade deal this year, according to European Commission chief Ursula von der Leyen, reported news agency Reuters.

Leyen met with Prime Minister Narendra Modi to finalise a trade and investment deal spanning industries such as batteries, pharmaceuticals, semiconductors, clean hydrogen, and defence.

"Dear Narendra Modi, thank you so much for hosting us in New Delhi. The @EU_Commission's visit symbolises how much we value our partnership with India. And how much I value our personal friendship," Leyen said in a post on social media platform X.

The EU is India’s biggest trade partner in goods, with trade hitting $137.5 billion in 2023-24, nearly doubling in ten years.

Talks on the deal were stuck for eight years before restarting in 2021. Now they include investment rules and geographical tags.

Leyen, visiting India for two days, is here with EU leaders as both sides deal with global tensions. They are expected to set priorities for closer ties.

She told a business event that tough times make strong partnerships. "We both stand to lose from a world of spheres of influence and isolationism, and we both stand to gain from a world of cooperation and working together," she said before meeting PM Modi.

"But I believe this modern version of great power, competition is also an opportunity for Europe, and India to reimagine its partnership," she said.

Source: India Today