India-EU 'Mother of All Deals' to Boost Manufacturing, More: PM
As India and the European Union (EU) approach the conclusion of a significant free-trade agreement, Prime Minister Narendra Modi expressed enthusiasm for the development, emphasizing that the extensive pact, representing approximately 25 percent of global gross domestic product (GDP).
This pact is anticipated to enhance the manufacturing sector and facilitate service trade between two of the world's most prominent economies.
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The Prime Minister underscored that the trade pact between India and the EU is widely regarded as the "foundational deal" by numerous international observers and predicted that it will generate substantial opportunities for businesses and individuals in both regions.
The Prime Minister highlighted that the agreement serves as an outstanding demonstration of collaboration between the world's top two economies.
"A landmark agreement is being signed between India and the European Union. People in the world are discussing this as the mother of all deals. This agreement brings tremendous opportunities for India's 1.4 billion people and the millions of people in European countries," he said, adding that for India it would boost sectors including textiles, gems and jewellery, and leather goods.
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Negotiations between India and the European Union (EU) have been finalized for a proposed free trade agreement (FTA) with the goal of enhancing bilateral trade and fostering economic relationships.
The agreement, characterized by both parties as equitable and visionary, is anticipated to be formally announced today. Discussions commenced in 2007.
The resolution of prolonged negotiations signifies the swiftly changing global dynamics during Trump's administration.
“The deal represents approximately 25 percent of global GDP and nearly one-third of global trade. It strengthens our shared commitment not only to trade but also to democracy and the rule of law”, the Prime Minister says.
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“The India-EU Free Trade Agreement complements the India-UK trade deal. It will boost the manufacturing sector and support services”, he adds.
European Commission President Ursula von der Leyen, presently in India and honored as the chief guest at the 77th Republic Day festivities in New Delhi, has described the EU-India FTA as the quintessential trade agreement. The pact aims to reduce tariffs on a wide range of consumer and industrial goods exchanged between India and EU nations, with certain agricultural products likely to be excluded. Additionally, the EU stands to gain improved market entry for its automotive exports, with limitations in place.