Prime Minister Narendra Modi on Tuesday said the India–European Union Free Trade Agreement (FTA) will give a major push to India’s manufacturing sector and accelerate growth in services-related industries. He said the agreement will create new growth opportunities and strengthen India’s standing in global trade.
Calling it the “mother of all deals”, Modi said the trade pact will boost confidence among global businesses and investors. He made these remarks while virtually inaugurating the India Energy Week, ahead of the expected announcement on the conclusion of the agreement.
The Prime Minister said the India-EU deal complements India’s existing trade agreements with the United Kingdom and Australia. He added that the pact will strengthen global supply chains and expand trade across key sectors. Industries such as textiles, gems and jewellery, leather, and jute are expected to benefit from improved market access.
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India-EU Free Trade Pact to Accelerate Manufacturing, Services Growth and Boost Investor Trust, Says PM Modi
Highlighting the scale of the agreement, Modi said the deal showcases strong economic cooperation between India and the European Union. Together, the two economies account for nearly 25% of global GDP and about one-third of global trade. He said the agreement creates vast opportunities for 1.4 billion Indians and millions of people in Europe.
Modi also said the trade pact reinforces India and the EU’s shared commitment to democracy and the rule of law. With official-level talks now complete, both sides will announce the conclusion of negotiations at the India-EU Summit in Delhi. The two sides expect to sign the agreement later this year after legal vetting, with implementation likely by early next year.
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