New Delhi, Jan 27: India and Europe on Tuesday announced sealing of an ambitious free trade agreement — billed as “mother of all deals” — that came against the backdrop of a fractious global environment and trade disruptions largely caused by Washington’s policy on tariff.<\/p>\n
Today, India has concluded the biggest free trade agreement (FTA) in its history with the European Union, Prime Minister Narendra Modi said after holding summit talks with the 27-nation bloc’s top leaders Ursula von der Leyen and Antonio Costa.<\/p>\n
“This is not just a trade agreement. This is a new blueprint for shared prosperity,” Modi said in his media statement.<\/p>\n
The two sides also inked a strategic defence partnership pact and a mobility agreement.<\/p>\n
The prime minister said India-EU partnership will help the world.<\/p>\n
European Council President Costa said India and the EU began a “new chapter” in their relations in sectors such trade, security, and on people-to-people ties.<\/p>\n
“Trade agreements reinforce a rules-based economic order and promote shared prosperity. That’s why today’s free trade agreement is of historic importance. It is one of the most ambitious agreements ever concluded,” he said.<\/p>\n
“We delivered the mother of all deals,” Von der Leyen said.<\/p>\n
The long-awaited FTA is set to significantly expand the overall trajectory of two-way engagement as it will open up new opportunity for cooperation in diverse areas.<\/p>\n
The EU and India had first launched negotiations for the FTA in 2007, before the talks were suspended in 2013 due to a gap in ambition. The negotiations were relaunched in June 2022.<\/p>\n
The EU, as a bloc, is India’s largest trading partner in goods.<\/p>\n
For the financial year 2024-25, India’s total trade in goods with the EU was worth about USD 136 billion, with exports around USD 76 billion and imports at USD 60 billion.<\/p>\n
The broad focus of the summit was on trade, defence and security, climate change, critical technologies and strengthening the rules-based global order.<\/p>\n
India and the European Union have been strategic partners since 2004.<\/p>\n
The proposed Security and Defence Partnership (SDP) will facilitate deeper defence and security cooperation between the two sides.<\/p>\n","protected":false},"excerpt":{"rendered":"
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