Modi & Von der Leyen Discuss India-EU Trade & Partnership

New Delhi, Feb 28 (PTI) Prime Minister Narendra Modi on Friday held talks with European Commission President Ursula von der Leyen, focusing on imparting fresh momentum to the India-European Union (EU) strategic partnership.

The two sides are expected to take stock of the ongoing negotiations to firm up an ambitious trade deal as well as explore ways to boost trade and investment ties.

Von der Leyen, accompanied by the EU College of Commissioners or senior political leaders of the bloc, arrived here on Thursday on a two-day visit.

"This world is fraught with danger. But I believe this modern version of great power competition is an opportunity for Europe and India to re-imagine their partnership," she said at a think-tank ahead of her talks with PM Modi.

"In many ways, the EU and India are uniquely placed to respond to this challenge together," she said.

The two sides are also expected to deliberate on the Russia-Ukraine conflict, the situation in the Indo-Pacific and developments in West Asia.

A joint statement is expected to be released following the Modi-Von der Leyen talks.

The EU is keen to expand its trade basket with India and both sides are of the view that the proposed free trade pact will significantly enhance the economic engagement.

In the financial year 2023-24, India's bilateral trade in goods with the EU stood at USD 135 billion, with exports to the EU at USD 76 billion and imports from the EU recorded at USD 59 billion, making the bloc New Delhi's largest trading partner in goods.

Bilateral trade in services in 2023 stood at USD 53 billion, comprising Indian exports worth USD 30 billion and imports worth USD 23 billion, registering the highest-ever trade in services.

The EU's investments in India are valued at over USD 117 billion with around 6,000 European companies present in India.

India's investments in the EU are valued at around USD 40 billion.