New Delhi: Prime Minister Narendra Modi announced the Free Trade Agreement (FTA) between India and the European Union (EU) on Tuesday, calling it much more than a trade deal. According to the Prime Minister, this FTA is a new blueprint for shared prosperity.
The agreement involves all 27 EU member countries and is described by PM Modi as the largest free trade pact in India’s history.
PM Modi highlighted that the historic agreement will facilitate easier access to European markets for Indian farmers and small industries, generate new opportunities in manufacturing, and strengthen collaboration in the services sector.
Furthermore, the FTA is expected to boost investment flows between India and the EU, encourage new innovation partnerships, and reinforce global supply chains. The Prime Minister emphasised that the agreement goes beyond trade, presenting a framework for inclusive growth.
PM Modi also noted that cooperation between India and the EU is a positive step for the world, rooted in respect for multilateralism and international norms. He stated that both sides agree on the need to reform global institutions to address today’s challenges effectively.
Expanding trilateral projects from the Indo-Pacific to the Caribbean will support sustainable agriculture, clean energy, and women’s empowerment, the Prime Minister added.
Currently, bilateral trade between India and the EU stands at around 80 billion euros, with nearly 8 lakh Indians residing across various parts of Europe.
Negotiations for this bilateral trade agreement had been underway for nearly a decade. The deal has been described as the “mother of all deals,” expected to benefit approximately two billion people and impact nearly 25 percent of the world’s economy.
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