Prime Minister Narendra Modi on Tuesday flared that the new Trade Agreement (FTA) signed between India and the European Union is very imperative. As the deal is one of the biggest trade agreements in the world, Prime Minister Modi called it “mother of all deals,” creating new opportunities for millions of people in both India and Europe, expecting to help business grow, increase trade, create jobs, and strengthen economic ties between India and European countries.
Addressing the nation at the opening of India Energy Week in Goa via video conferencing, the Prime Minister described the deal as bringing fresh cooperation between India and the European Union.
“Just yesterday, a major trade agreement was signed between India and the European Union. This deal represents coordination between two of the biggest economies of the world and reflects our shared commitment towards trade and growth,” PM Modi said.
Labeling the deal as a “big development,” the Prime Minister congratulated the people of India and said that the agreement would benefit businesses, workers, and consumers. “This trade will be a benefit for all of us. It will increase the confidence of investors and businessmen to invest in India,” he said.
“This trade deal with the EU will not only strengthen manufacturing but will also give a major boost to the services sector. The Free Trade Agreement will boost the confidence of every investor,” he added.
As per the government sources, the agreements consist of provisions like India’s advocacy for zero duty access in key sectors and a phased approach to tariffs, which includes no tariffs on electric vehicles for the first five years.
“This agreement represents a shared commitment towards trade and global cooperation,” PM Modi said.
“Soon, we will be number one in the world in the refining sector,” he said.
“India Energy Week has rapidly emerged as a global platform for dialogue and action in the energy sector,” he added.
India Energy Week is anticipated to host wide-ranging discussions on energy security, refining capacity, clean-energy transitions, and long-term strategies. The aim is to balance economic growth with sustainability, with policymakers and industry leaders from across the globe in attendance.
Representatives from nearly 150 countries were participating in India Energy Week, and “India Energy Week has rapidly emerged as a global platform for dialogue and action in the energy sector,” the prime minister said.
