New Delhi [India], October 28 (ANI): Swedish Ambassador to India Petra Menander on Wednesday expressed optimism about the expanding bilateral relationship between India and Sweden, pointing to the upcoming India-European Union Free Trade Agreement (FTA) as a primary engine to streamline business routines and expand commercial ties. 

Speaking with ANI on the trajectory of bilateral relations following their recent elevation, Menander emphasised that trade simplification will play a crucial role in fulfilling shared financial targets.

'Well, I think it's booming, and I think we will be helped by the EU Free Trade Agreement that will help simplify the trade routines that we have, because one of the main objectives is to double our economic exchange until 2030,' Menander stated. 'So, full optimism ahead.'

Addressing progress on the strategic 2030 roadmap, Menander highlighted that active efforts are already underway across commercial and diplomatic channels. 

'I think as you see, what we're doing today is part of the implementation of the roadmap, and tomorrow we'll do something with the companies, and then we have our political exchange going as well,' Menander noted. 'So we're in full implementation, so to speak.'

The ambassador's remarks underline a growing momentum in trade, corporate collaboration, and high-level political exchanges as both nations work toward their 2030 bilateral goals.

Earlier this month, Union Commerce and Industry Minister Piyush Goyal stated that he met European Commissioner for Trade and Economic Security Maros Sefcovic on the sidelines of the G20 Trade Ministers' Meeting here to evaluate ongoing advancements regarding the formal signing and eventual implementation of the landmark India-EU FTA. 

In addition to evaluating the bilateral trade pact, Goyal noted that both leaders conferred on collaborative strides achieved through the India-EU Trade and Technology Council, necessary structural reforms within the World Trade Organisation, and mutual strategic objectives at the G20.

Sharing details of the diplomatic engagement on social media, Goyal stated in a post on X, 'Reviewed progress towards the signing and entry into force of the India-EU FTA.'

India and the European Union successfully wrapped up comprehensive negotiations for the expansive trade accord earlier this year on January 27. The milestone followed arduous talks that initially commenced back in 2007 before being officially relaunched in 2022 following a lengthy hiatus of stalled discussions.

The agreement advanced further earlier this month when the European Commission formally transmitted the text to the EU Council to secure authorisation for its signature and conclusion.

The India-EU FTA negotiations have been a key component of efforts to deepen economic ties between the two sides, with the agreement expected to provide greater market access and strengthen trade and investment flows. 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)