External Affairs Minister S Jaishankar mentioned that the India-European Union Free Trade Agreement (FTA) would provide India access to a vast and established market with considerable purchasing power, expressing optimism that the agreement would be implemented by year-end or early next year.
In a discussion with John Micklethwait, Editor-in-Chief at the Bloomberg New Economy Forum in Delhi, Jaishankar referred to 2026 as the “Europe Year” for India, emphasizing the importance of the trade deal and the increasing interaction between New Delhi and Brussels. "This year has, in numerous respects, been the 'Year of Europe.'"
“The rationale is that we hosted the Presidents of the European Commission and Council for our National Day. Symbolism existed in that context. We have finalized our FTA with Europe. Negotiations took 25 years to complete. We anticipate, in a sense, expect that this FTA will be implemented in the upcoming months, ideally by year’s end or at the start of next year.
According to Jaishankar, it significantly unlocks a vast and established market with substantial buying capacity, which serves as a highly complementary economic participant for us.
The External Affairs Minister emphasized that India has continually aimed to uphold international collaborations while safeguarding its strategic independence, setting New Delhi's method apart from nations functioning within formal alliances.
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"We have consistently aimed to build relationships while preserving a strong level of what we refer to as strategic autonomy. However, this shift, occurring over the past year, has been predominantly directed by Brussels, we are not pursuing the FTA as we focus on multipolarity. The two events occur independently. The globe is becoming multipolar. Europe is becoming increasingly unified. Europe is discussing strategic independence. That's a delight to hear. They are transitioning to a role and location that we find quite familiar," Jaishankar stated.
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Regarding Canadian Prime Minister Mark Carney's comments on the shifting global order, Jaishankar noted that India's trade relations with Europe had progressed significantly prior to Carney's address at Davos, urging against interpreting New Delhi's involvement with Brussels merely through the lens of the Canadian leader's strategic perspective.
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"Carney is providing a strategic assessment from a Canadian viewpoint and partially from an alliance standpoint. My free trade deal with Europe was far along prior to Carney's remarks at Davos. I won't try to align my actions in Europe with Prime Minister Carney's framework. I value the source of it, but we are not an allied partner," he stated.