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India Reaches Free Trade Agreement with EU
(MENAFN) India’s Prime Minister Narendra Modi announced on Tuesday that New Delhi has finalized a free trade agreement (FTA) with the European Union.
“Yesterday (Monday), a significant agreement was reached between India and Europe,” Modi said during a virtual address to Indian Energy Week, referring to the conclusion of negotiations on the FTA.
The announcement came ahead of Modi’s scheduled talks with European Commission President Ursula von der Leyen and EU Council President Antonio Costa in New Delhi.
Modi highlighted the scale of the deal, noting that it would cover 25% of global GDP and one-third of worldwide trade. “People in the world are discussing it as a ‘mother of all deals,’” he said, calling it “an excellent example of coordination between the two economies of the world.”
Indian Commerce Secretary Rajesh Agrawal confirmed on Monday that the FTA negotiations with the EU had been completed and finalized. The agreement is expected to be signed later this year, with implementation potentially beginning early next year.
The Indian government noted that the EU remains India’s largest trading partner for goods, with bilateral trade totaling approximately $136 billion in 2024-25.
“Yesterday (Monday), a significant agreement was reached between India and Europe,” Modi said during a virtual address to Indian Energy Week, referring to the conclusion of negotiations on the FTA.
The announcement came ahead of Modi’s scheduled talks with European Commission President Ursula von der Leyen and EU Council President Antonio Costa in New Delhi.
Modi highlighted the scale of the deal, noting that it would cover 25% of global GDP and one-third of worldwide trade. “People in the world are discussing it as a ‘mother of all deals,’” he said, calling it “an excellent example of coordination between the two economies of the world.”
Indian Commerce Secretary Rajesh Agrawal confirmed on Monday that the FTA negotiations with the EU had been completed and finalized. The agreement is expected to be signed later this year, with implementation potentially beginning early next year.
The Indian government noted that the EU remains India’s largest trading partner for goods, with bilateral trade totaling approximately $136 billion in 2024-25.
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