New Delhi: Prime Minister Narendra Modi on Tuesday (January 27) hailed the conclusion of the India-European Union Free Trade Agreement as India’s largest-ever trade pact, declaring that “two of the world’s biggest democracies are adding a decisive chapter in their relationship".
Speaking after the signing ceremony, witnessed by European Commission President Ursula von der Leyen and European Council President António Costa, PM Modi also called the deal a transformational moment for economic cooperation between New Delhi and the 27-nation bloc.
(Infographic courtesy: MyGovIndia)
“Today, India has concluded the biggest Free Trade Agreement in its history. On 27th January, India signed this FTA with 27 European nations. This will boost investment, form new innovation partnerships and strengthen supply chains at the global level."
“This is not just a trade agreement, it is a blueprint for shared prosperity," he said. PM Modi highlighted the growing depth of India-EU engagement, saying bilateral trade had reached nearly $180 billion, with cooperation spanning strategic technologies, clean energy and digital governance.
Describing India and the European Union as “two giants who chose a win-win partnership," European Union chief Ursula von der Leyen said the deal is expected to cut around 4 billion euros in tariffs, providing a major boost to businesses on both sides and strengthening supply chains. The agreement would significantly deepen economic ties and reduce trade barriers, she added.
As per the trade pact, the EU will lower import duties on 99.5% of traded goods over a seven-year period. This includes bringing tariffs down to zero on Indian marine products, leather and textile goods, chemicals, rubber, base metals, and gems and jewellery.
