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'Blueprint for shared prosperity': PM Modi on India-EU FTA
'Blueprint for shared prosperity': PM Modi on India-EU FTA
Prime Minister Modi's statement follows Europe and India's conclusion of negotiations on Tuesday for the India-EU FTA, dubbed the "mother of all deals."
Prime Minister Narendra Modi on Tuesday hailed the India-EU Free Trade Agreement as a historic milestone, describing it as a decisive chapter in the relationship between two major democratic powers.
"Yesterday was a historic moment when the European Union leaders took part in India's Republic Day celebrations for the first time. Today is another such moment, when two major democratic powers are adding a decisive chapter in their relationship," PM Modi said.
Terming the India-EU Free Trade Agreement as the biggest Free Trade Agreement in its history, Prime Minister Narendra Modi said that Agreement will boost investment, form new innovation partnerships and strengthen supply chains at the global level...This is not just a trade agreement, it is a blueprint for shared prosperity.
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Terming the India–EU Free Trade Agreement (FTA) the biggest trade pact in India's history, Prime Minister Narendra Modi said the deal would boost investment, foster new innovation partnerships, and strengthen global supply chains, describing it as “not just a trade agreement, but a blueprint for shared prosperity.”
"Today, India has concluded the biggest Free Trade Agreement in its history. On 27th January, India signed this FTA with 27 European nations...This will boost investment, form new innovation partnerships and strengthen supply chains at the global level...This is not just a trade agreement, it is a blueprint for shared prosperity," PM Modi said.
Prime Minister Modi's statement follows Europe and India's conclusion of negotiations on Tuesday for the India-EU FTA, dubbed the "mother of all deals."
The India–EU Free Trade Agreement is expected to benefit not just governments and businesses but also ordinary citizens by boosting trade, lowering prices, creating jobs, and accelerating economic growth.
With reduced tariffs, goods imported from European countries will become more affordable for Indian consumers. Luxury cars such as BMW, Audi, and other premium brands are expected to see price reductions.
India's textile and footwear industries are likely to benefit significantly. As EU duties come down from around 10 per cent to zero, exports will rise, helping generate new employment opportunities.
Cheaper high-tech machinery from Europe will support manufacturing and production in India. The IT sector is also expected to benefit from improved access to advanced technology and markets.
India's gems and jewellery, leather, and pharmaceutical sectors will gain access to the vast European market. The pharma sector, in particular, is expected to grow rapidly with seamless entry into Europe.
Source: ZeeNews
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