New Delhi [India], August 21 (ANI): Poland's Ambassador to India Piotr Antoni Switalski on Thursday expressed optimism that the India-European Union Free Trade Agreement (FTA) would be completed and become operational by the end of the year, saying there was 'no reason for delay' in finalising the pact.

Speaking at an event in the national capital on the India-EU FTA, Switalski said, 'I was a European Union official, so I know how much time it takes to process such treaties. I was on record here saying that a fast track should be adopted.'

'I hope that, as they say, by the end of the year, it will be ready. It will be operational,' he added.

The ambassador said the agreement would also need to be complemented by an investment protection agreement, which he described as an important part of the overall relationship.

'Of course, it has to be complemented by the investment protection agreement, which is really an important part of the overall relationship. But I'm optimistic; I see no delays here and no reason for delay, frankly,' Switalski said.

His remarks came as the India-EU FTA moves towards the final formalities. Government sources earlier said that legal scrubbing of the agreement has been completed, while internal approvals and translation processes are underway on the European Union side.

Both India and the European Union remain committed to completing the remaining formalities for signing the agreement by the end of 2026, according to government sources.

The India-EU FTA was jointly announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on January 27 this year during the 16th India-EU Summit in New Delhi.

The announcement followed the resumption of negotiations in 2022 after years of discussions aimed at establishing a comprehensive and balanced trade partnership between India and the European Union.

The proposed agreement assumes significance amid growing economic ties between the two regions.

In 2024-25, bilateral trade in goods between India and the EU stood at USD 136.54 billion, with India's exports to the bloc valued at USD 75.85 billion and imports at USD 60.68 billion.

Trade in services between India and the European Union reached USD 83.10 billion in 2024. (ANI)