PM Modi Lauds India-EU Free Trade Agreement as Historic Milestone
Prime Minister Narendra Modi on Tuesday praised the conclusion of the India-European Union Free Trade Agreement, describing it as "not just a trade agreement, but a blueprint for shared prosperity." The announcement came during a joint press conference in New Delhi, where Modi was joined by European Commission President Ursula von der Leyen and European Council President Antonio Costa.
A Historic Chapter in Bilateral Relations
Modi emphasized that this deal marks a historic chapter in India-EU relations, highlighting its significance following the EU leaders' participation as Chief Guests at India's Republic Day celebrations just a day earlier. This timing underscores the deepening diplomatic ties between the two regions.
Key Benefits of the FTA
The Prime Minister outlined several expected advantages from the agreement:
- Boost in Trade and Investment: The FTA is projected to significantly enhance bilateral trade flows and attract greater foreign investment.
- Innovation Partnerships: It will foster collaborative efforts in technology and innovation, driving economic growth.
- Strengthened Supply Chains: The agreement aims to create more resilient and efficient supply chains between India and the EU.
- Opportunities for Various Sectors: Modi specifically mentioned that the deal will open new avenues for farmers, small entrepreneurs, and service providers, promoting inclusive economic development.
Strategic Implications and Future Prospects
This landmark agreement is seen as a strategic move to solidify India's position in the global trade landscape. By aligning with the European Union, India aims to leverage the partnership for mutual economic benefits and geopolitical stability. The FTA is expected to serve as a model for future trade pacts, emphasizing cooperation over competition.
In his address, Modi reiterated the importance of such collaborations in today's interconnected world, where shared prosperity can lead to sustainable development. The India-EU FTA stands as a testament to the commitment of both sides to build a robust economic framework that benefits all stakeholders.
