Prime Minister Narendra Modi said the India-EU free trade agreement is not just a trade pact but a blueprint for shared prosperity and global good at a time of world turmoil.
Calling it India’s largest-ever FTA, Modi said it will deepen cooperation in areas like maritime security and cybersecurity, while adding stability to the global order.
EU leaders Antonio Costa and Ursula von der Leyen termed the pact the most ambitious ever, saying it strengthens strategic ties, reduces dependencies and signals India-EU unity on global challenges.
The India-EU free trade agreement, according to Prime Minister Narendra Modi on Tuesday, is a model for shared prosperity for the benefit of the globe and will bring stability during a period of unrest in the global order.
Following the conclusion of negotiations for the India-EU free trade deal, Modi was addressing at a joint press conference with European Council President Antonio Costa and European Commission President Ursula von der Leyen.
"This is not just a trade agreement. This is a new blueprint for shared prosperity," Modi said, adding that India has concluded the largest free trade agreement in its history.
"India-EU will provide stability to the world order...India-EU cooperation is a partnership for global good," Modi remarked, pointing out the unrest in the world.
The Prime Minister added that the India-EU Free Trade Agreement will boost collaboration in the cybersecurity and maritime industries.
According to Costa, the India-EU Free Trade Agreement is the most ambitious deal ever reached for a 2 billion-person market.
Additionally, he stated that the summit between the EU and India sends a strong statement to the world that both countries are dependable allies.
Costa also said that "we count on you (Modi) to help create conditions for peace in Ukraine through dialogue, diplomacy".
Leyen said the India-Europe partnership will reduce strategic dependency at a time when global trade is being increasingly weaponised.
"We are delivering security for our people in an increasingly insecure world," she said, adding that India has risen, and Europe is truly glad about it.
