New Delhi: Prime Minister Narendra Modi on Tuesday said that the conclusion of the India-EU Free Trade Agreement (FTA) marks a significant milestone in their relations, and also thanked all the leaders of Europe over the years for their constructive spirit and commitment in making this possible.
“This agreement will deepen economic ties, create opportunities for our people and strengthen the India-Europe partnership for a prosperous future,” PM Modi said in a post on X after the “mother of all deals” was reached.
India and Europe have taken an important step forward today. The free trade agreement between India and the EU opens new pathways for growth, investment, and strategic cooperation, PM Modi added.
During a joint press conference at Hyderabad House here, PM Modi announced the signing of the FTA between India and the European Union, stressing that the landmark partnership between two major economies will create new opportunities for businesses, consumers, and the skilled workforce.
PM Modi underlined that the agreement reflects growing trust, shared values, and a common commitment to peace, stability, and cooperation in an increasingly uncertain global environment.
According to Commerce and Industry Minister Piyush Goyal, the 16th India-EU Summit will be remembered in history as the event where the world’s fourth and second largest economies joined hands to script a new chapter in global trade.
“The agreement will unlock opportunities across sectors, benefiting businesses and people, and contributing to growth and prosperity on both sides,” he posted on X.
With a combined market estimated at over Rs 2,091.6 lakh crore ($24 trillion), bringing unparalleled opportunities for the 2 billion people of India and the EU, the FTA unlocks significant potential for trade and innovation.
The FTA delivers unprecedented market access for more than 99 per cent of India’s exports by trade value, while preserving policy space for sensitive sectors and reinforcing India’s developmental priorities, according to the government.
According to the government, despite healthy and growing trade, there is a significant untapped potential considering the size of each other’s markets and trade. The FTA provides an unparalleled pathway and holds immense promise for both India and the EU to emerge as each other’s major economic partners.
(IANS)
