New Delhi [India], May 9 (ANI): Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Friday stated that the 16th India-EU Summit held in New Delhi this January provided a decisive new momentum to the bilateral strategic partnership, elevating it to a higher level.

Addressing the Europe Day 2026 celebrations in the presence of EU Ambassador Herve Delphin, Sitharaman noted that the outcomes of the summit signify a transformative phase in the engagement between the two powers.

'The 16th India-EU Summit held at New Delhi in January 2026 has given a decisive new momentum to our Strategic partnership, taking it to a newer level,' the Finance Minister said on X.

The Minister emphasized that the successful conclusion of negotiations for the India-EU Free Trade Agreement (FTA), alongside the signing of the Security and Defence Partnership and the adoption of the Comprehensive Framework on Cooperation on Mobility, represents a new chapter in Indo-EU relations.

'The joint roadmap adopted at the Summit - 'Towards 2030: India-EU a Joint Comprehensive Strategic Agenda' provides a clear and ambitious vision for our cooperation over the coming years,' the Ministry of Finance quoted er as saying.

Earlier on Thursday, the European Union's Ambassador to India, Herve Delphin, advocated for the inclusion of an investment liberalisation chapter within the landmark free trade agreement (FTA) between the two powers. Delphin also called for the rapid finalisation of a separate investment protection pact to solidify the legal ground for businesses.

The 27-nation bloc and India recently marked a breakthrough on 27 January by announcing the conclusion of negotiations for the FTA, a deal widely celebrated as the 'mother of all deals'. Under the proposed terms, a vast array of Indian products will gain duty-free entry into the European market, while Indian consumers can expect a price drop for European luxury vehicles and wines.

Currently, both partners are immersed in the legal vetting of the expansive, 1,000-page document, a process slated for completion this July. On Thursday, the Ambassador noted that the pact is anticipated to be signed within this calendar year, with a projected implementation date in early 2027. Highlighting the scale of the partnership, he stated that the agreement impacts roughly two billion people, representing 'a quarter of the global population and a quarter of the global GDP.'

The FTA promises a massive reduction in trade barriers, with the EU set to slash duties on over 99 per cent of Indian goods, while India will provide enhanced access for nearly 97 per cent of EU exports. 'So we will have, on the EU side, European customers benefiting from cheaper Indian textiles, leather, footwear, gems, jewellery, tea, coffee, spices, marine products, to name a few. And Indian businesses will see lower prices on EU industrial goods like machinery, aircraft, or medical equipment,' Delphin detailed. (ANI)