India-EU FTA to boost trade, says UIA Chief

New Delhi

The India-European Union (EU) free trade agreement (FTA) will enhance market access and remove trade barriers, fostering stronger economic ties in today’s shifting geopolitical landscape, said Carlo Mastellone, President of the Union Internationale des Avocats (UIA), at a seminar in New Delhi on Saturday.

Mastellone highlighted India’s vast domestic market, stressing the need to shift from multilateralism to bilateralism for more effective trade partnerships. “From the European perspective, this FTA will be a key step in the new geopolitical context,” he said.

In February, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to fast-track the India-EU FTA, aiming to conclude it by year-end. They also committed to deepening discussions on defense industry collaborations and policy initiatives to create balanced, ambitious, and mutually beneficial agreements.

The leaders endorsed the progress made through the India-EU Trade and Technology Council (TTC), which promotes deeper cooperation in trade, trusted technology, and green transition efforts.

Speaking on broader issues, Mastellone emphasized UIA’s mission to connect lawyers globally, advocating for the rule of law, human rights, and the independence of the legal profession. “India is clear about its commitment to these principles, contributing to global peace and justice,” he added.

Founded in 1927, UIA is a global legal organization with members from 110 countries, dedicated to fostering international legal cooperation and advocacy.

German chemical firm to invest $1.5bn in India

A major German chemical company plans to invest USD 1.5 billion in India, with a state identified for the project. Commerce Minister Piyush Goyal announced this at the Union Internationale des Avocats session, revealing that the company’s head will meet the state’s chief minister soon. The firm seeks 250 acres near a port. Germany ranks as India’s ninth-largest investor, with USD 15 billion FDI from April 2000 to December 2024. Goyal highlighted reforms to boost investor confidence, including reduced compliance burdens and decriminalizing minor offenses, fostering a business-friendly environment.