'Mother of all deals': PM Modi announces India-EU free trade agreement

Prime Minister Narendra Modi on Tuesday announced that India and the European Union have concluded a free trade agreement FTA noting that the partnership represents 25 per cent of global GDP and nearly onethird of global trade reported news agency PTIDescribing it as being discussed as the mother of all deals PM Modi said the agreement opens up significant opportunities for 140 crore Indians as well as millions of Europeans He made the announcement while addressing the Indian Energy Week virtuallyCongratulating all stakeholders on the IndiandashEU trade pact the Prime Minister said I am informing you about a major developmenthellip kal hee Bharat aur European Union ke beech ek bahut bada agreement hua hai yesterday a very big agreement was reached between India and the European Union reported PTIThis is an excellent example of coordination between two major global economies The agreement accounts for 25 per cent of the global GDP and onethird of global trade he saidPM Modi added that the free trade agreement with the EU would complement Indiarsquos trade arrangements with Britain and the European Free Trade Association EFTA and would further strengthen global trade and supply chains reported PTIHe congratulated the youth and all those associated with sectors such as textiles gems and jewellery leather and footwear saying the agreement would prove highly beneficialThe Prime Minister said the pact would not only boost manufacturing in India but also help expand the services sector This free trade agreement will strengthen confidence in India among businesses and investors across the world India is actively working on global partnerships in all sectors he added reported PTIBilateral trade remains a key pillar of the IndiandashEU relationship with total trade crossing USD 190 billion in 2024ndash25 India exported goods worth USD 759 billion and services worth USD 30 billion to the EU while the EU exported USD 607 billion in goods and USD 23 billion in services to IndiaPM Modi hosts top EU leaders for crucial summit talksMeanwhile top leaders of India and the European Union will on Tuesday announce the conclusion of negotiations for a landmark trade deal firm up a strategic defence pact and unveil a broader vision to navigate the geopolitical turbulence and trade disruptions reported PTIPrime Minister Narendra Modi hosted European Commission President Ursula von der Leyen and European Council President Antonio Costa for summit talks against the backdrop of new fissures in ties between Europe and the USAhead of the summit Costa and von der Leyen visited Rajghat and paid tributes to Mahatma GandhiThe two EU leaders graced the 77th Republic Day celebrations at the Kartavya Path as chief guests on MondayA successful India makes the world more stable prosperous and secure And we all benefit Von der Leyen said ahead of the summit reported PTIThe world has been witnessing new geopolitical upheavals triggered largely by Washingtons policies on trade and securityThe longawaited IndiaEU free trade agreement billed as mother of all deals is expected to significantly expand the overall trajectory of twoway engagement as it will open up new opportunity for cooperation in diverse areasWith inputs from PTI