In a significant diplomatic milestone, Prime Minister Narendra Modi announced the conclusion of the India-European Union (EU) Free Trade Agreement (FTA) negotiations, calling it a beacon of stability for the world. Addressing a joint press conference in New Delhi, the Prime Minister highlighted that this agreement comes at a time of immense global turmoil, offering a path toward shared prosperity and order.
A Strategic Partnership for Global Good
Addressing a joint press conference with European Council President Antonio Costa and European Commission President Ursula von der Leyen, PM Modi highlighted that this agreement transcends mere commerce, while it's a strategic blueprint designed to foster shared growth and resilience. He stated that India has concluded the most comprehensive and largest free trade agreement in its history, reflecting the nation's growing economic stature.
Addressing Global Volatility
The Prime Minister noted that the world is currently facing unprecedented geopolitical shocks. In such times, the India-EU partnership serves as a stabilizing force. "India and the EU will provide stability to the world order. Our cooperation is a partnership for the global good," Modi remarked, emphasizing the role of democratic values in shaping international trade.
The Scale of the Agreement
Described as the most ambitious trade deal in India's history, the FTA covers a market of over two billion people. Antonio Costa emphasized that this deal sends a clear message to the world about the strength of the India-EU bond. He also expressed confidence in PM Modi's role in facilitating peace in. Ukraine through dialogue and diplomacy, showcasing India's role as a global mediator.
Reducing Strategic Dependencies
Ursula von der Leyen pointed out that the partnership would. Reduce strategic dependencies at a time when trade is being weaponized. She welcomed India's rise as a global power, stating that a stronger India is beneficial for Europe's security. The agreement aims to diversify supply chains and ensure that economic relations are built on trust and mutual benefit rather than coercion.
Economic Impact and Sectoral Growth
The India-EU FTA is expected to Importantly boost sectors such as information technology, pharmaceuticals, textiles, and agriculture. By removing trade barriers, Indian businesses will gain easier access to the high-value. European market, while European firms can tap into India's rapidly expanding middle class. This synergy is predicted to create millions of jobs and drive innovation across both continents.
Focus on Green Energy and Digital Transformation
Beyond traditional trade, the agreement places a heavy emphasis on the green transition and digital cooperation. Both regions have committed to collaborating on renewable energy technologies, climate action, and secure digital infrastructure, while pM Modi noted that European expertise in sustainable technology combined with India's scale could lead the global fight against climate change.
A New Era of Cooperation
This historic pact marks the beginning of a new era in India-EU relations. It moves the relationship from a buyer-seller dynamic to a deep strategic alliance. As the world looks for reliable partners, the India-EU FTA stands as a testament to the. Power of collaboration between the world's largest democracies, promising a more secure and prosperous future for all.