Ahead of the historic 16th India-EU Summit, Prime Minister Narendra Modi on Tuesday hailed the “mother of all deals” trade agreement between India and the European Union, calling it a perfect example of a partnership between two major economies of the world.
“Yesterday a big agreement was signed between the European Union and India. People are calling this the mother of all deals,” PM Modi said.
Noting that the India-EU trade agreement represents 25 per cent of the global GDP and one-third of global trade, Modi said the pact will bring major opportunities for the public in India and Europe.
“This is a perfect example of a partnership between two major economies of the world,” he said.
The Prime Minister further asserted that the agreement empowers the shared commitment of India and the EU towards democracy and rule of law.
“This Free Trade Agreement with the European Union will also complement Britain and EFTA’s agreements,” he said, congratulating the people of the nation.
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According to the PM, the trade deal between India and the EU will boost manufacturing, while also expanding the service sector.
“The Free Trade Agreement will boost the confidence of every investor and businessman to invest in India…,” the PM said.
His remarks came ahead of the 16th India-EU Summit where the deal will be formalised.
PM Narendra Modi will hold restricted and delegation-level discussions with European Commission President Ursula von der Leyen and European Council President Antonio Costa.
Negotiations on the FTA were initially launched in 2007 but were paused in 2013 due to differences in ambition, before being revived in June 2022.