'A Day That Will Be Remembered Forever': India, Europe Finalise Trade Deal; PM Modi Calls It 'Blueprint For Shared Prosperity'

Shortly after India and the EU announced the conclusion of FTA negotiations on Tuesday, Prime Minister Narendra Modi called it a "milestone" and said the day would be "remembered forever".

"Today is a day that will be remembered forever, marked indelibly in our shared history. European Council President António Costa and European Commission President Ursula von der Leyen and I are delighted to announce the conclusion of the historic India-EU Free Trade Agreement. This is a milestone in our relations which will: Strengthen our economic ties Create jobs for our youth Opportunities for our businesses Foster shared prosperity, Build stronger global supply chains," he said in a post on X.

The European Union, in a statement issued shortly after India and the EU officially announced the conclusion of FTA negotiations on Tuesday, said the FTA is the largest such deal ever concluded by either side.

The EU said the deal will strengthen economic and political ties between the world's second and fourth largest economies, at a time of rising geopolitical tensions and global economic challenges, highlighting their "joint commitment to economic openness and rules-based trade".

European Commission President, Ursula von der Leyen, said: “The EU and India make history today, deepening the partnership between the world's biggest democracies. We have created a free trade zone of 2 billion people, with both sides set to gain economically. We have sent a signal to the world that rules-based cooperation still delivers great outcomes. And, best of all, this is only the start - we will build on this success, and grow our relationship to be even stronger.”

"The EU and India already trade over €180 billion worth of goods and services per year, supporting close to 800,000 EU jobs. This deal is expected to double EU goods exports to India by 2032 by eliminating or reducing tariffs in value of 96.6% of EU goods exports to India. Overall, the tariff reductions will save around €4 billion per year in duties on European products," the statement added.

It termed the deal as the most ambitious trade opening that India has ever granted to a trade partner, and said it will give a significant competitive advantage for key EU industrial and agri-food sectors, granting companies privileged access to the world's most populous country.

In a significant development in India's ties with Europe, Prime Minister Narendra Modi, President of the European Commission, Ursula Von Der Leyen and President of the European Council, António Luís Santos da Costa, on Tuesday witnessed the signing and exchange of the political declaration of the conclusion of negotiations of the India-EU Free Trade Agreement in New Delhi.

"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 on the occasion.

The leaders also witnessed the exchange of documents on India-EU Security and Defence Partnership, the administrative arrangement on cooperation and disaster risk management, the exchange of documents on the constitution of a green hydrogen task force, an MoU between the Reserve Bank of India and the European Securities and Market Authority and the Administrative Arrangement on Advanced Electronic Seals and Signatures.

Prime Minister Narendra Modi is attending a joint press meet with European Commission President Ursula von der Leyen and European Council President António Costa at Hyderabad House in New Delhi.

Prime Minister Narendra Modi on Tuesday held a delegation-level talks with the President of the European Commission, Ursula Von Der Leyen and the President of the European Council, António Luís Santos da Costa, at Hyderabad House in Delhi. The talks come as India and the EU officially concluded the free trade agreement, billed as "mother of all deals".

Earlier today, Ursula von der Leyen announced that India and Europe have concluded the deal and have created a free trade zone of two billion people, with both sides set to benefit.

European Commission President Ursula von der Leyen announced on Tuesday that Europe and India have concluded the "mother of all deals" as she referred to the India-Europe Free Trade Agreement.

"Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit. This is only the beginning. We will grow our strategic relationship to be even stronger," Leyen wrote in a post on X.

President of the European Council, António Luís Santos da Costa and President of the European Commission, Ursula Von Der Leyen, met Prime Minister Narendra Modi at the Hyderabad House in New Delhi on Tuesday. PM Modi hosted Leyen and Costa for summit talks against the backdrop of India and EU FTA talks being concluded.

Vice-President of the European Commission, Kaja Kallas, on Tuesday said the signing of the security and defence partnership between India and the European Union was a "milestone" that both parties can build on.

Kallas made the remarks as she led a delegation of the European Union in a meeting with Defence Minister Rajnath Singh. "Thank you very much for welcoming us and yesterday, Republic Day was quite an experience. Thank you for that as well...It was a proud moment to see that our operations were also a part of this parade. It shows how we have been able to work together. The signing of the Security and Defence Partnership is a milestone, and we can build on that. There is so much more we can work together on in the multilateral fora, as well as bilaterally, to further develop defence cooperation. I really look forward to our discussions today and further cooperation in the future," she said.

Defence Minister Rajnath Singh on Tuesday said that the signing of the technology and defence partnership between India and the European Union marks a significant step in bringing the two sides closer amid a complex global environment.

Addressing the EU delegation led by EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas, at Raksha Mantralaya, South Block, Singh welcomed the EU leaders' visit and emphasised that the partnership reflects the trust between India and the EU and will strengthen cooperation in economic, defence, and people-to-people connections.

"The signing of the technology and defence partnership between India and the European Union is a reflection of this trust in action, and it brings us together in an increasingly complex global environment. I hope the increased momentum of the India-EU partnership in economic, defence, and people-to-people connect will bring the two ancient civilisations much closer," he said. Read More...

Hailing the successful conclusion of official-level negotiations for the proposed free trade agreement between India and the EU, Prime Minister Narendra Modi on Tuesday said manufacturing will get a huge boost from the trade deal as the FTA will boost the confidence of every investor and businessman to invest in India..."

Speaking during the inauguration of India Energy Week via video conferencing, PM said, "Yesterday, a big agreement was signed between the European Union and India. People are calling this the mother of all deals. This agreement 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...This agreement represents 25 per cent of the global GDP and 1/3rd of global trade."

The agreement, he said, empowers India's and the EU's shared commitment towards democracy and the rule of law. "This Free Trade Agreement with the European Union will also complement Britain and EFTA's agreements...I congratulate the people of the nation for this," the PM said.