India and the European Union on Tuesday signed a Security and Defence Partnership, marking a significant step in strengthening bilateral cooperation in areas such as defence capabilities, counterterrorism, and cyber and maritime security.
The domestic equity benchmarks opened nearly flat but in green on Tuesday as investors remained cautious ahead of the much-anticipated India-European Union Free Trade Agreement (FTA), which is expected to be signed today.
The 27 member states of the European Union formally adopted the regulation on phasing out Russian imports of both pipeline gas and liquefied natural gas (LNG) into the EU on Monday.
India and the European Union together represent almost one-fifth of global trade and around 25 per cent of the global population, highlighting the growing economic and strategic weight of the partnership.
President of the European Council Antonio Luis Santos da Costa and the President of the European Commission Ursula von der Leyen are on a State Visit to India and were Chief Guests at the 77th Republic Day celebrations.
"Thank you for hosting us on Republic Day, President Droupadi Murmu. Thank you very much for your warm welcome. Europe and India are the world's largest democracies, committed to working together to shape a new global order. This is why we are here to take our partnership to new heights,"
Sefcovic described the prospective pact as the "mother of all deals," noting that negotiators are "checking their final numbers" as the European bloc pushes to reduce India's steep import duties that can reach up to 150 % in some sectors.
India and the European Union are expected to formally announce a long-awaited trade agreement at the India-EU Summit on Tuesday, and this deal is projected to significantly expand bilateral trade and drive strong growth in Indian exports over the next decade, Deloitte India partner Gulzar Di
While speaking with ANI, Sachdev said, "India exports around USD 130 billion of goods and services to the EU. After this free trade agreement, our exports will jump from USD 130 billion to around USD 200 billion. European exports to India, which are around $80 billion now, will jump to aroun
"India is privileged to host European Council President Antonio Costa and European Commission President Ursula von der Leyen during our Republic Day celebrations. Their presence underscores the growing strength of the India-European Union partnership and our commitment to shared values,"
on der Leyen described being invited as Chief Guest at India's Republic Day celebrations as "the honour of a lifetime", underlining the growing strategic convergence between India and the European Union.