Prime Minister Narendra Modi, speaking at the Vivatech 2026 conference in Paris, emphasized that the proposed India-European Union free trade agreement (FTA) will act as a catalyst for enhancing trade, technology, and tourism between the two regions. He highlighted the potential of the partnership to drive innovation and economic growth.
Key Highlights from PM Modi's Address
During his address, PM Modi noted that the India-EU FTA is not just a trade deal but a comprehensive framework that will foster collaboration in cutting-edge technologies, including artificial intelligence, renewable energy, and digital infrastructure. He stressed that the agreement would create new opportunities for businesses and startups on both sides.
Boosting Trade and Investment
The Prime Minister pointed out that the FTA is expected to significantly increase bilateral trade volumes, which currently stand at over $100 billion. He called for removing trade barriers and streamlining regulations to facilitate smoother business operations. The agreement is projected to benefit sectors such as pharmaceuticals, textiles, and information technology.
Advancing Technology Cooperation
PM Modi underscored the importance of technology collaboration, particularly in areas like 5G, cybersecurity, and space exploration. He invited European companies to invest in India's growing tech ecosystem, citing the country's large pool of skilled engineers and favorable startup environment.
Promoting Tourism
On tourism, the Prime Minister highlighted the potential for increased travel between India and Europe. He announced plans to simplify visa procedures and launch joint marketing campaigns to attract tourists. The FTA is expected to boost tourism flows, which could create jobs and cultural exchanges.
Strategic Significance
The India-EU FTA is seen as a strategic move to strengthen ties between the world's largest democracy and the European Union. It aligns with India's vision of becoming a global manufacturing hub and the EU's goal of diversifying supply chains. The agreement is expected to be finalized by the end of 2026.
PM Modi's remarks at Vivatech 2026 have been well-received by industry leaders and policymakers, who see the FTA as a win-win for both sides. The conference, which is one of the largest tech events globally, provided a platform to showcase India's technological advancements and investment opportunities.
