Blitz Bureau
NEW DELHI: The India-EU free trade agreement has been sealed, Prime Minister Narendra Modi said on January 27. A declaration to this effect was signed between European Council President Antonio Costa and PM Modi . In a post-signing statement on X, PM Modi said two of the world’s biggest democratic trading blocs – with trade valued at US$ 213 billion – had “sealed the biggest FTA in our history”. He added,, “We have taken a lot of decisions that will help people… the India-EU trade deal is a blueprint for mutual growth.” He also noted an estimated eight lakh Indians living in the EU will benefit greatly.
“Today, India has concluded the largest Free Trade Agreement in its history. Today is January 27 and it is a happy coincidence that, on this day, India is signing this FTA with 27 countries of the European Union. This is not just a trade agreement… it is a new blueprint for shared prosperity,” PM Modi said.
“The cooperation between India and the EU is a partnership for the global good,” he added.
On his part, Antonio Costa said India and the EU “stand together as strategic and reliable partners… and we are taking our partnership to the next level, to shape a resilient global order that enables peace and stability. “India is the fastest growing economy and today’s FTA is of historic importance (for Europe),” he said, noting it creates an overall market of just under two billion people. Costa, however, also outlined the EU’s future hopes from this partnership, including a focus on green energy.
Costa added, “Dear PM, we can count on you for creating conditions for peace, dialogue and together we must show leadership on global issues,” he said, calling for greater cooperation in areas such as combating climate change and the transition from fossil fuels to green and renewable energy.”