Finance Minister Nirmala Sitharaman met top leaders and industrialists during her visit to Germany and discussed bilateral trade relations in the backdrop of the EU-India FTA deal
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NEW DELHI — Finance Minister Nirmala Sitharaman met top leaders and industrialists during her visit to Germany and discussed bilateral trade relations in the backdrop of the EU-India FTA deal, while scaling up the partnership in several fields, including manufacturing, technology and agriculture, Finance Ministry said on Sunday.
FM Sitharaman met Lars Klingbeil, Vice Chancellor and Federal Minister of Finance, Germany and discussed the meeting between Prime Minister Narendra Modi and Federal Chancellor Friedrich Merz in India in January this year that strengthened bilateral relations, particularly in defence, trade, and technology.
Merz paid an official visit to India from January 12-13. The Chancellor was accompanied by a high-level delegation, including 23 leading German CEOs and industry leaders.
Klingbeil, in the meeting with Sitharaman, called the Free Trade Agreement (FTA) a big step for trade and investments in India, and especially focused on the bilateral development cooperation and also the Metro rail expansion in India, according to an X post by Finance Ministry.
She apprised Klingbeil about the success of India's Digital Payment systems and willingness to share the best practices on India's digital stack with Germany.
Sitharaman also met Brigitte Haas, Prime Minister of Liechtenstein, and Alois Philipp Maria, Hereditary Prince Alois of Liechtenstein in Munich.
Both the leaders discussed the ongoing investments by Liechtenstein-based companies in India, and scaling up the partnership further in the fields of manufacturing, environment-friendly technology, agriculture-related equipment and Climate Change, according to the X post.
In her meeting with Christine Lagarde, President of European Central Bank, they noted finalisation of the India and the European Union Free Trade Agreement in January 2026, and the Finance Minister underlined the financial role the European Central Bank can play in facilitating trade under the deal.
Sitharaman also mentioned that through Union Budget FY2025-26 and FY 2026-27, India will allow EU banks to open upto 15 branches over four years under the India-EU FTA framework.
Earlier, she met Oliver Zipse, Chairman of the Board of Management BMW AG. They discussed opening up of India's economy in the light of recent reforms with focus on policy continuity and stability.