PM Modi announces signing of India-EU trade deal, hails landmark agreement
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Prime Minister Narendra Modi on Tuesday announced the signing of a free trade agreement (FTA) between India and the European Union. PM Modi said the India-EU FTA is a landmark partnership between two major economies, promising sweeping gains and new opportunities for businesses and consumers, with boosts expected for textiles, gems and jewellery, and leather goods.
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. He added that the latest trade agreement will complement India-UK trade deal, it will boost the manufacturing sector, support services.
Speaking at the India Energy Week, PM Modi said that the free-trade deal accounts for 25 per cent of global gross domestic product (GDP) and about one-third of global trade. According to media reports, the agreement is likely to come into force within a year.
After nearly 20 years of delayed talks, the agreement will allow India to open its large and closely protected market to free trade with the 27-nation EU, which is India’s biggest trading partner.
Modi and European Commission President Ursula von der Leyen are expected to jointly announce the deal and share details at the India–EU summit in New Delhi later today.
Trade between India and the EU was worth $136.5 billion in the financial year ending March 2025.
The agreement comes amid efforts by both sides to reduce dependence on the United States, as trade tensions grow under President Donald Trump. The US has imposed a 50 per cent tariff on Indian goods since August last year.
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