Historic Free Trade Agreement: A historic Free Trade Agreement (FTA) has been agreed between India and the European Union (EU) in New Delhi.
According to Prime Minister Narendra Modi, this is India’s biggest trade agreement till date.
He said that this agreement will give a new direction to the Indian economy, manufacturing and global supply chain. With this agreement the relations between India and Europe will be further strengthened.
India-EU deal announced
Prime Minister Modi described this agreement as a memorable day of shared history.
He said that this historic India-EU Free Trade Agreement has been finalized together with the President of the European Council Antonio Costa and the President of the European Commission Ursula von der Leyen.
European leaders have also called this deal the “Mother of All Deals”.
Promotion of trade, investment and employment
The joint statement said that this agreement will create new opportunities for trade, investment and employment.
Both sides are also committed to addressing security challenges, achieving economic stability, working together on climate change and biodiversity, and advancing the Sustainable Development Goals.
Benefits for youth and business
According to PM Modi, this deal will create new employment opportunities for the youth and open avenues for business. The global supply chain will become stronger.
This agreement between the world’s major economies will also prove beneficial for the entire global community.
Advance for auto sector and manufacturing
According to the Federation of Automobile Dealers Association of India (FADA), the India-EU FTA is a milestone for the auto sector.
More than 95 percent of European OEM sales in India already come from local manufacturing. This agreement will further strengthen “Make-in-India” and provide more choices to consumers.
the way forward
The European Union also said that this is the biggest trade deal ever. This will further deepen economic relations between India and Europe.
Overall, this Free Trade Agreement will start a new chapter of development, employment and cooperation for both the parties.
