Intro:
Prime Minister Narendra Modi said the landmark India–EU free trade agreement aligns fully with India’s developed nation vision.
New Delhi
Prime Minister Narendra Modi on Friday underscored the significance of the historic India–European Union free trade agreement (FTA), describing it as fully aligned with the vision of transforming India into a developed country. The agreement, he said, reflects India’s growing economic stature and its ability to shape major global partnerships in a rapidly changing world.
The Prime Minister was referring to an article authored by Commerce and Industry Minister Piyush Goyal, in which the minister described the pact as a transformative agreement that expands markets, creates jobs and safeguards India’s core interests. Goyal wrote that the India–EU FTA marks a historic milestone in Prime Minister Modi’s economic diplomacy and represents one of the most ambitious trade initiatives undertaken by India.
According to the article, the agreement will generate millions of jobs and open vast opportunities for India’s youth and farmers, while creating wealth for nearly two billion people in India and the European Union together. The two partners account for about a quarter of the global economy, making the pact one of the biggest trade agreements ever signed between major economic blocs.
The FTA between the world’s second- and fourth-largest economies goes far beyond tariff reductions. It represents a comprehensive strategic partnership that promotes cooperation in critical and future-oriented sectors such as artificial intelligence, defence manufacturing and semiconductors. Goyal noted that the agreement is designed to benefit every region and citizen of India by strengthening industrial growth, innovation and global integration.
A key feature of the deal is its emphasis on rules-based trade and policy stability, which is expected to make India even more attractive to both domestic and foreign investors. This, in turn, is likely to create fresh opportunities for small businesses, startups and workers across multiple sectors, reinforcing India’s position as a reliable investment destination.
