Narendra Modi on Friday highlighted that the historic India-EU free trade agreement fully aligns with the vision of making India a developed country.
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NEW DELHI — Prime Minister Narendra Modi on Friday highlighted that the historic India-EU free trade agreement fully aligns with the vision of making India a developed country.
The Prime Minister referred to an article written by Commerce Minister Piyush Goyal stating that "the government has delivered a transformative agreement that expands markets, creates jobs and protects India’s core interests".
In the article, Goyal has stated that the India–EU free trade agreement is a historic milestone in Prime Minister Modi’s economic diplomacy. It will generate millions of jobs, create vast opportunities for India’s youth and farmers, and create wealth for nearly 2 billion people who together account for a quarter of the global economy.
Also read: India-European Union Free Trade Agreement hailed by global leaders, media
The agreement between the world’s second- and fourth-largest economies is among the biggest trade deals ever signed. In fact, it is far more than a trade deal. It represents a comprehensive partnership that fosters cooperation in critical sectors such as artificial intelligence, defence, and semiconductors. The FTA will benefit every region and citizen of India, the article observed.
The FTA ensures rules-based trade and stability in economic policies, making India even more attractive for domestic and foreign investment. This will create numerous opportunities for small businesses, startups, and workers.
The world has applauded PM Modi’s announcement, calling it the "mother of all deals". It comes as a breath of fresh air at a tumultuous time for global trade and supply-chain realignment. The agreement positions India and the EU as trusted partners committed to open markets, predictability, and inclusive growth, Goyal has stated.
India has secured unprecedented market access for more than 99 per cent of its exports to the EU by trade value, strongly bolstering the Make in India initiative. The FTA gives a decisive boost to labour-intensive sectors such as textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods, and automobiles, the minister contended.
It will eliminate tariffs of up to 10 per cent on nearly $33 billion worth of Indian exports. The agreement also empowers workers, artisans, women, youth, and MSMEs, while integrating Indian businesses more deeply into global value chains and reinforcing India’s role as a key supplier in global trade.
The deal also eases mobility for businesspersons and professionals and opens new opportunities in services such as education, information technology, financial services, and computers. These commitments unlock high-value employment opportunities and further strengthen India’s position as a global hub for talent, innovation, and sustainable economic growth, the article added.