New Delhi:Prime Minister Narendra Modi Tuesday announced that India and the EU have reached a free trade agreement (FTA), saying it accounts for 25 per cent of global GDP and one-third of global trade.
People are discussing it as a “mother of all deals”, and this agreement has brought a lot of opportunities for 140 crore Indians and crores of Europeans, he said while addressing the Indian Energy Week virtually.
Modi congratulated all on the EU-India trade deal and said, “I am informing you about a big development…kal hee Bharat aur European Union ke beech ek bahut bada agreement hua hai (yesterday a very big agreement has been reached between India and the European Union).
“This is an excellent example of coordination between two economies of the world. This agreement represents 25 per cent of the global GDP and one third of the global trade,” he said.
He suggested that the free trade agreement with the EU will complement agreements with Britain and the European Free Trade Association (EFTA).
This will strengthen both global trade and the supply chain.
He congratulated the youth and all colleagues associated with sectors such as textiles, gems and jewellery, leather, and shoes.
The agreement will prove very helpful, he stated, adding that it will not only boost manufacturing in India but will also further expand the services sector.
“This free trade agreement will strengthen confidence in India for every business and every investor in the world. India is working extensively on global partnerships in all sectors,” he said.
The bilateral trade is a cornerstone of the India-EU relationship, with total trade surpassing USD 190 billion in 2024-25. India exported USD 75.9 billion in goods and USD 30 billion in services to the EU, while the EU exported USD 60.7 billion in goods and USD 23 billion in services to India.
