New Delhi: India and the European Union (EU) have reached a historic Free Trade Agreement (FTA) after nearly two decades of negotiations. The deal, finalised on Tuesday, has been hailed as a significant achievement by political leaders and trade experts alike.
Lok Sabha MP Shri Srikant Shinde praised the agreement on social media platform X, calling it a landmark moment for India. He extended his heartfelt thanks to Prime Minister Narendra Modi on behalf of the Shiv Sena parliamentary group for steering the deal to completion.
The EU Commission President Ursula von der Leyen described the FTA as the ‘mother of all deals.’ Prime Minister Modi termed it one of India’s largest trade agreements, covering 25 percent of the world’s GDP and one-third of global trade.
Shinde highlighted that the agreement will open vast opportunities for Indian industries, boost exports, generate employment, and strengthen India’s global economic leadership. He noted that this partnership represents a new beginning between two global giants, especially at a time when the world is grappling with trade wars and protectionism. The MP called PM Modi a master strategist, pointing out that this agreement follows recent deals with the UK, New Zealand, and Oman, reflecting India’s forward-looking trade policy.
Under the agreement, India will eliminate or reduce tariffs on 96.6 percent of its exports to the EU. Meanwhile, the EU will gradually reduce tariffs on almost 99 percent of its exports to India. This will significantly lower duties on EU products like cars, machinery, chemicals, and medicines, with car tariffs falling from 110 percent to 10 percent.
Indian sectors such as textiles, gems and jewellery, leather, and plastics will gain easier access to the European market. The FTA is expected to double India’s exports to the EU by 2032. The agreement is strategically important for both India and the EU, particularly in the context of tariff policies under the previous US administration.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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