India-EU free trade deal approved: The historic free trade agreement (FTA) between India and the European Union (EU) was finalized on Tuesday in New Delhi.
Both sides described this agreement as the “Mother of All Deals”.
After this, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen addressed the India-EU Business Forum. On this occasion, important points were made regarding trade, investment and future partnership.
PM’s message on trade and technology
PM Modi said that in today’s world, trade, technology and rare earth minerals are being used like weapons in many places.
He did not name any country, but was believed to be referring to the tariff policies of US President Donald Trump. The PM made it clear that India believes in open and fair trade and this thinking is the foundation of this deal.
India-EU’s role in global trade
Global trade is witnessing turmoil due to tariff policies. The PM said that India’s investment in the European Union has reached approximately 40 billion euros.
Keeping this in view, FTA has been finalized so that both the economies are strengthened and trade becomes easier.
There will be benefits from agriculture to IT
This deal will create new opportunities for fruits, vegetables, processed food items and marine products.
Besides, IT, education, traditional medicine and business service sectors will also get big benefits. The PM said that there is a need to increase joint research and investment in areas like green hydrogen and solar energy.
Business figures and new avenues
The Prime Minister said that India-EU trade has doubled in the last 10 years to reach 180 billion euros. More than 6 thousand European companies are working in India, while 1500 Indian companies are active in the EU.
The deal will make it easier for India’s labour-intensive products—such as textiles, jewellery, auto parts and engineering products—to reach the European market.
Positive signs for the business world
In the end, PM Modi said that at present this FTA is a clear and positive message for the traders. This will increase investment, create new employment opportunities and India-EU relations will enter a new phase.
