India and the European Union (EU) announced the conclusion and finalisation of negotiations for a free trade agreement. The agreement is expected to be signed later this year and may come into force from early next year.

In his remarks after concluding talks at the India-EU Summit, Prime Minister Narendra Modi said that he discussed the war in Ukraine, the situation in West Asia, and other global issues with European Commission President Ursula von der Leyen and European Council President Antonio Costa.

S IXTEEN MONTHS ago Narendra Modi looked chastened. Having just lost his majority in a national election, the chest-thumping Indian leader was forced to lean on regional parties. His coalition showed little appetite for difficult reform. Some commentators pronounced it “Peak Modi”. Would-be successors began to plot.

The trade agreement is expected to be among the most comprehensive deals that India would sign, which could benefit India’s labour-intensive sectors, ranging from marine products, textiles, footwear and sports goods.

He said the agreement will complement India’s trade arrangements with Britain and EFTA, strengthen global supply chains, and boost confidence among global businesses and investors.