New Delhi, Jan 27 (PTI): Prime Minister Narendra Modi on Tuesday announced the signing of the India-EU Free Trade Agreement (FTA), calling it a landmark deal that covers 25 per cent of global GDP and one-third of global trade.
Speaking virtually at Indian Energy Week, Modi said, “I am informing you about a big development … a significant agreement was signed between India and Europe yesterday (Monday).” He added that the deal, being referred to as the “mother of all deals,” opens up vast opportunities for 140 crore Indians and millions of Europeans.
“This is an excellent example of coordination between two major economies of the world. This agreement represents 25 per cent of the global GDP and one third of global trade,” he said, noting that the FTA will complement India’s agreements with Britain and the European Free Trade Association (EFTA), strengthening global trade and supply chains.
Modi congratulated the youth and professionals in sectors such as textiles, gems and jewellery, leather, and shoes, stating the FTA will boost manufacturing in India while further expanding the services sector.
“This free trade agreement will strengthen confidence in India for every business and investor worldwide. India is working extensively on global partnerships in all sectors,” the Prime Minister said.
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