Describing it as being discussed as the "mother of all deals", PM Modi said the agreement opens up significant opportunities for 140 crore Indians as well as millions of Europeans
Pic/AFP
Prime Minister Narendra Modi on Tuesday announced that India and the European Union have concluded a free trade agreement (FTA), noting that the partnership represents 25 per cent of global GDP and nearly one-third of global trade, reported news agency PTI.
Describing it as being discussed as the "mother of all deals", PM Modi said the agreement opens up significant opportunities for 140 crore Indians as well as millions of Europeans. He made the announcement while addressing the Indian Energy Week virtually.
Congratulating all stakeholders on the India–EU trade pact, the Prime Minister said, "I am informing you about a major development… kal hee Bharat aur European Union ke beech ek bahut bada agreement hua hai (yesterday, a very big agreement was reached between India and the European Union)," reported PTI.
"This is an excellent example of coordination between two major global economies. The agreement accounts for 25 per cent of the global GDP and one-third of global trade," he said.
PM Modi added that the free trade agreement with the EU would complement India’s trade arrangements with Britain and the European Free Trade Association (EFTA), and would further strengthen global trade and supply chains, reported PTI.
He congratulated the youth and all those associated with sectors such as textiles, gems and jewellery, leather and footwear, saying the agreement would prove highly beneficial.
The Prime Minister said the pact would not only boost manufacturing in India but also help expand the services sector. "This free trade agreement will strengthen confidence in India among businesses and investors across the world. India is actively working on global partnerships in all sectors," he added, reported PTI.
Bilateral trade remains a key pillar of the India–EU relationship, with total trade crossing USD 190 billion in 2024–25. India exported goods worth USD 75.9 billion and services worth USD 30 billion to the EU, while the EU exported USD 60.7 billion in goods and USD 23 billion in services to India.
PM Modi hosts top EU leaders for crucial summit talks
Meanwhile, top leaders of India and the European Union will on Tuesday announce the conclusion of negotiations for a landmark trade deal, firm up a strategic defence pact and unveil a broader vision to navigate the geopolitical turbulence and trade disruptions, reported PTI.
Prime Minister Narendra Modi hosted European Commission President Ursula von der Leyen and European Council President Antonio Costa for summit talks against the backdrop of new fissures in ties between Europe and the US.
Ahead of the summit, Costa and von der Leyen visited Rajghat and paid tributes to Mahatma Gandhi.
The two EU leaders graced the 77th Republic Day celebrations at the Kartavya Path as chief guests on Monday.
"A successful India makes the world more stable, prosperous and secure. And we all benefit," Von der Leyen said ahead of the summit, reported PTI.
The world has been witnessing new geopolitical upheavals triggered largely by Washington's policies on trade and security.
The long-awaited India-EU free trade agreement, billed as "mother of all deals" is expected to significantly expand the overall trajectory of two-way engagement as it will open up new opportunity for cooperation in diverse areas.
(With inputs from PTI)
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
