New Delhi [India], April 10 (ANI): The Ministry of External Affairs (MEA) said on Friday that Pranay Verma, who is currently serving as India's High Commissioner to Bangladesh, has been appointed as the next Ambassador of India to Belgium and the European Union.

Sharing the details in an official statement, the MEA said, 'Pranay Verma (IFS: 1994), presently High Commissioner of India to the People's Republic of Bangladesh, has been appointed as the next Ambassador of India to the Kingdom of Belgium and the European Union.'

He is expected to take up the assignment shortly.

India and the European Union concluded negotiations for a comprehensive Free Trade Agreement on January 27 this year. The agreement aims to boost bilateral trade in goods, services and investment, and is expected to come into force by early 2027.

According to the Ministry of Commerce and Industry, the FTA is designed to create a future-ready trade framework that supports next-generation sectors of the Indian economy. A key focus area of the agreement is engineering and manufacturing, where India is targeting USD 300 billion in engineering exports.

By enabling greater access to the USD 2 trillion European market, the agreement is expected to enhance India's global competitiveness and integrate Indian manufacturers more closely into European supply chains.

The framework also places special emphasis on MSMEs and regional industrial clusters, helping them scale up operations and access global contracts.

The European Union is among India's largest trading partners. In FY 2024-25, bilateral trade in goods stood at Rs 11.5 lakh crore (USD 136.54 billion), with exports at Rs 6.4 lakh crore (USD 75.85 billion) and imports at Rs 5.1 lakh crore (USD 60.68 billion).

Trade in services between India and the EU reached Rs 7.2 lakh crore (USD 83.10 billion), reflecting the growing economic engagement between the two sides.

Together, India and the European Union represent the fourth and second largest economies globally, accounting for nearly 25 per cent of global GDP and one-third of global trade.

The government said the agreement is expected to further strengthen economic ties and create new opportunities for growth, innovation and sustainable development. (ANI)