India & EU sign historic trade deal; PM Modi and President of European Commission hail agreement as ‘Mother of all deals’
New Delhi, January 27
India and the European Union today finalised the Free Trade Agreement. A delegation-level talk was held between Prime Minister Narendra Modi, President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen in New Delhi. India and the European Union today exchanged seven agreements, including in the fields of trade, security, defence partnership, mobility, disaster risk management, and green hydrogen.
Speaking on this occasion, Prime Minister Narendra Modi said that India and the European Union relations have strengthened, and ties have reached new heights. He said, this is not just a trade agreement, but a new blueprint for shared prosperity.
The Prime Minister said, India today inked its biggest free trade deal with 27 nation European Union. He said, this will boost investment, form new innovation partnerships and strengthen supply chains at the global level. Earlier, Prime Minister Narendra Modi and President of the European Commission, Ursula Von Der Leyen, hailed the agreement as the mother of all deals.
Speaking after the conclusion of the FTA, the President of the European Council, Antonio Costa, termed the signing of the FTA a historic moment. He said both the European Union and India are starting a new chapter. He said, the EU and India must work together towards shared prosperity and security.
President of the European Commission Ursula von der Leyen thanked Prime Minister Narendra Modi for the exceptional hospitality. She said it was an honour to be the Chief Guest at the Republic Day parade. She said, India has risen, and Europe is truly glad about it. She said, when India succeeds, the world is more stable, prosperous and secure.
The European Union is India’s largest trading partner in goods. For the financial year 2024-25, India’s total trade in goods with the EU was worth about 136 billion US dollars, with exports around 76 billion US dollars and imports at 60 billion US dollars.