India and the European Union today exchanged the historic Free Trade Agreement (FTA). The deal was concluded following India-EU summit talks between Prime Minister Narendra Modi, President of the European Council, Antonio Costa and President of the European Commission Ursula von der Leyen in New Delhi. The trade pact, which has been described by both sides as “the Mother of All Trade Deals”, will open up the European markets for Indian labour-intensive goods comprising textiles and footwear. At the same time, it will make imported European items cheaper in India by reducing duties, including luxury cars, wine and medicines.
Besides, India and the European Union also exchanged several agreements in the fields of security, defence partnership, mobility, disaster risk management and green hydrogen.
Addressing a joint press conference with two European leaders after the talks, the Prime Minister said that the signing of the biggest free trade deal between India and the 27-nation European Union will deepen economic ties, create jobs, bolster global supply chains, and strengthen the partnership between the two sides for a prosperous future.
The Prime Minister opined that India-EU ties will provide stability to the world order amid the ongoing turmoil in the global environment.
In his statement, President of the European Council Antonio Costa said that the Summit today sends a clear message to the world that India and the EU stand together as strategic and reliable partners at a time when the global world is being reshaped.
Speaking on the occasion, EU Chief Ursula von der Leyen said the India-European Union FTA will create jobs for millions of workers in India and Europe. She asserted that India-Europe ties will reduce strategic dependency at a time when global trade is being weaponised.
Later, in a series of social media posts, Prime Minister Modi said the conclusion of the India-EU Free Trade Agreement marks a significant milestone in relations between the two sides. Mr Modi thanked all the leaders of Europe for their constructive spirit over the years and commitment to making this possible.
Prime Minister Modi chaired the India-EU Business Forum along with EU Chief Ursula von der Leyen in Delhi this afternoon. The Forum brought together business leaders from both sides. Speaking on the occasion, Mr Modi said, Indian investment in the EU has reached almost 40 billion euros. He said the free trade agreement finalised between India and the European Union will provide easy access to the European Union market for India’s labour-intensive products.
Briefing the media in New Delhi this evening, Commerce and Industry Minister Piyush Goyal highlighted that this breakthrough in the EU-India trade relations came after 20 years.
Talking to the media, Foreign Secretary Vikram Misri said the India-EU security and defence partnership will bolster counter terrorism.
Several Union Ministers, including Dr S Jaishankar, Rajnath Singh, Ashwini Vaishnaw, and JP Nadda, have hailed the conclusion of the India-EU FTA.
