Prime Minister Narendra Modi emphasized the significance of the India-EU free trade agreement, aligning with India’s development vision. Commerce Minister Piyush Goyal praised the transformative agreement for expanding markets, creating jobs, and safeguarding India’s interests. This historic milestone in economic diplomacy is projected to generate millions of jobs, offer opportunities for youth and farmers, and benefit around 2 billion people globally.
The trade deal between the second and fourth largest economies is more than just a trade agreement. It signifies a broad partnership fostering collaboration in key sectors like artificial intelligence, defense, and semiconductors. The agreement is expected to benefit all regions and citizens of India by ensuring rules-based trade and policy stability, enhancing India’s appeal for both domestic and foreign investments.
The world has lauded PM Modi’s announcement as the “mother of all deals,” especially amidst global trade uncertainties. This agreement positions India and the EU as reliable partners committed to open markets, predictability, and inclusive growth. Notably, India has secured extensive market access for over 99% of its exports to the EU by trade value, significantly supporting the Make in India initiative.
The free trade agreement will eliminate tariffs on nearly $33 billion worth of Indian exports, providing a significant boost to labor-intensive sectors like textiles, apparel, and automotive industries. It aims to empower workers, artisans, women, youth, and MSMEs, integrating Indian businesses into global value chains and reinforcing India’s role as a key global trade player. The deal also facilitates mobility for professionals, opening new avenues in services like education, IT, finance, and computers, unlocking high-value job prospects and strengthening India’s position as a global talent and innovation hub.
