New Delhi

Germany expects the India-European Union Free Trade Agreement (FTA) to be signed by the end of this year and believes the pact has significant potential to boost trade and investment between India and the EU, German Ambassador to India Jasper Wieck said on Wednesday.

Speaking to ANI, the German Ambassador said Berlin had consistently supported the conclusion of the long-pending negotiations, which were concluded earlier this year.

“These negotiations have gone on for 20 years, and Germany has always been a promoter for signing this deal. So, we are extremely happy that finally the negotiations have been concluded at the beginning of this year,” he told ANI.

The Ambassador said Germany expects the agreement to be signed by the end of 2026, following which the pact would require ratification by the Indian Parliament and the European Parliament.

“Once this agreement is enacted, I think it has a huge potential for increasing our trade and investment partnership,” he said.

The German envoy said experts estimate that trade turnover between India and the EU could double within five years on the basis of and within the framework of the FTA.

The India-EU FTA negotiations have been a key component of efforts to deepen economic ties between the two sides, with the agreement expected to provide greater market access and strengthen trade and investment flows.

The India-EU FTA was jointly announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on January 27 this year during the 16th India-EU Summit in New Delhi.

The announcement followed the resumption of negotiations in 2022 after years of discussions aimed at establishing a comprehensive and balanced trade partnership between India and the European Union. The proposed agreement assumes significance amid growing economic ties between the two regions.

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In 2024-25, bilateral trade in goods between India and the EU stood at USD 136.54 billion, with India's exports to the bloc valued at USD 75.85 billion and imports at USD 60.68 billion.

Trade in services between India and the European Union reached USD 83.10 billion in 2024.