Speaking to on the sidelines of the Federation of European Business in India meeting, Westermeier said the agreement would strengthen economic cooperation between two of the world’s largest democratic regions.
“It is really great that we have now this EU-FTA free trade agreement nearly in place. Looking forward to have it ratified. It addresses 24 trillion US dollar, the two biggest democracies. It is very complimentary, the parts we are exchanging, so it will be a great win-win situation for both sides,” he said.
The India-EU FTA was jointly announced by Prime Minister Narendra Modi and Ursula von der Leyen on 27th January this year during the 16th India-EU Summit held during the visit of European leaders to India.
According to official information shared during the summit, the agreement marks a major milestone in economic and trade relations between India and the European Union.
The announcement follows negotiations that resumed in 2022 and comes after years of discussions between both sides aimed at creating a balanced and modern trade partnership.
The India-EU FTA is expected to position India and the European Union as trusted partners committed to open markets, predictability and inclusive economic growth. The European Union remains one of India’s largest trading partners, with bilateral trade in goods and services continuing to grow steadily.
In 2024-25, bilateral trade in goods between India and the EU stood at Rs 11.5 lakh crore (USD 136.54 billion). India’s exports to the EU were valued at Rs 6.4 lakh crore (USD 75.85 billion), while imports stood at Rs 5.1 lakh crore (USD 60.68 billion).
Trade in services between India and the European Union reached Rs 7.2 lakh crore (USD 83.10 billion) in 2024.
India and the European Union together account for around 25 per cent of global GDP and nearly one-third of global trade, making the agreement significant for both economies.
Officials said the integration of two large and complementary economies is expected to create new trade and investment opportunities across sectors.
Airbus India is the Indian arm of Airbus and serves as a major aircraft manufacturing and engineering hub for the global aerospace company. The company is involved in aircraft and helicopter design, sourcing and manufacturing activities in India.