India-EU "Mother Of All Deals" Will Boost Manufacturing, Support Services: PM Modi
India-EU "Mother Of All Deals" Will Boost Manufacturing, Support Services: PM Modi
M.U.H
27/01/202639
As India and the European Union (EU) move closer to finalising a landmark free-trade agreement, Prime Minister Narendra Modi hailed the move, saying the huge pact -- totalling about 25 per cent of global gross domestic product (GDP) -- will boost the manufacturing sector and support services between two of the largest economies. The Prime Minister noted that the India-EU trade pact is being seen as the "mother of all deals" by many across the globe and said it will create major opportunities for businesses and people on both sides.
"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 while addressing Indian Energy Week virtually.
PM Modi noted that the agreement is a remarkable example of cooperation between the world's two largest economies, adding that for India it would boost sectors including textiles, gems and jewellery, and leather goods.
"The deal represents approximately 25 per cent 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 said.
"The India-EU Free Trade Agreement complements the India-UK trade deal. It will boost the manufacturing sector and support services," he added.
About India-EU Trade Deal
India and the European Union (EU) have concluded negotiations for a proposed free trade agreement (FTA) aimed at boosting two-way trade and strengthening economic ties. Both sides have described the deal-- which is likely to be announced today -- as balanced and forward-looking. The talks started in 2007.
The conclusion of negotiations after years of halting talks reflects the rapidly shifting global alignment under Trump.
European Commission President Ursula von der Leyen, who is currently in India and was the chief guest at the 77th Republic Day celebrations in New Delhi, has termed the EU-India FTA as the "mother of all trade deals".
The agreement would lower tariffs on most consumer and industrial goods traded between India and EU members, although it's expected to exclude some agricultural products. The EU would also get enhanced market access for its car exports, subject to a cap.
