New Delhi: Prime Minister Narendra Modi on Tuesday announced the signing of the India-EU Free Trade Agreement (FTA), highlighting that the European Union accounts for 25 per cent of global GDP and one-third of global trade.
Addressing the Indian Energy Week virtually, Modi congratulated all involved in the EU-India trade deal, calling it a “big development” and describing the agreement as the “mother of all deals.” He said the FTA opens up significant opportunities for 140 crore Indians as well as millions of Europeans.
“This is an excellent example of coordination between two major economies of the world. This agreement represents 25 per cent of the global GDP and one-third of global trade,” Modi said.
He noted that the free trade agreement with the EU will complement India’s existing agreements with the United Kingdom and the European Free Trade Association (EFTA), strengthening both global trade and the supply chain.
Modi extended congratulations to the youth and professionals associated with key sectors such as textiles, gems and jewellery, leather, and footwear. He said the agreement will be highly beneficial, boosting manufacturing in India while expanding the services sector.
“This free trade agreement will strengthen confidence in India for every business and investor worldwide. India is working extensively on global partnerships across all sectors,” the Prime Minister added.
With PTI inputs