Prime Minister Narendra Modi on Friday highlighted that the historic India–EU free trade agreement (FTA) is closely aligned with the goal of making India a developed nation.
He referred to an article by Union Commerce and Industry Minister Piyush Goyal, which described the pact as a transformative agreement safeguarding India’s core interests while opening new economic opportunities.
In his article, Goyal termed the India–EU FTA a major milestone in Prime Minister Modi’s economic diplomacy.
The world’s second- and fourth-largest economies have concluded one of the biggest trade deals ever.
Together, India and the European Union account for nearly a quarter of the global economy, making the pact significant not only for both partners but also for global trade.
The FTA goes beyond conventional trade liberalisation. It establishes a comprehensive partnership fostering cooperation in critical areas such as artificial intelligence, defence manufacturing and semiconductors.
According to the article, the agreement will benefit every region and citizen of India by ensuring rules-based trade and long-term policy stability, thereby attracting both domestic and foreign investment.
India has secured unprecedented market access for over 99 per cent of its exports to the EU by trade value.
The deal will remove tariffs of up to 10 per cent on nearly USD 33 billion of exports, boosting labour-intensive sectors such as textiles, gems and jewellery, engineering goods and automobiles.
It also aims to empower workers, MSMEs and youth, ease professional mobility, and expand opportunities in IT, education and financial services.
Globally hailed as the ‘mother of all deals’, the pact positions India and the EU as trusted partners committed to open markets and inclusive growth.
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