New delhi: Indian and European leaders on Tuesday hailed the historic India-European Union Free Trade Agreement as a major milestone and blueprint for shared prosperity. Indian Prime Minister Narendra Modi emphasized the significance of this agreement during a joint press conference with European Commission President Ursula von der Leyen and European Council President Antonio Costa, marking it as a pivotal moment in India-EU relations.
According to Kuwait News Agency, Modi highlighted the unprecedented nature of the occasion, noting that European Union leaders attended India's Republic Day celebrations as Chief Guests for the first time. "Today is another historic day, as the two biggest democratic powers in the world are adding a very important chapter to their relationship," he stated. Modi described the FTA as a blueprint for shared prosperity, underscoring its potential to benefit farmers, small entrepreneurs, and enhance access to European markets, while deepening cooperation in the services sector.
Modi also pointed out the significant growth in India-EU relations, which he attributed to shared democratic values, economic synergy, and strong people-to-people ties. He noted that bilateral trade has reached EUR 180 billion, with over eight lakh Indians residing in EU nations and contributing to their societies.
European Commission President Ursula Von Der Leyen expressed her appreciation for the India-EU FTA, referring to it as the "mother of deals." She emphasized that the agreement would unite Indian skills, services, and scale with European technology, capital, and innovation. Von Der Leyen highlighted the potential for unprecedented growth through this collaboration, which would also help reduce strategic dependencies amid increasingly weaponized trade dynamics.
President of the European Council, Antonio Costa, remarked on the historical trade relations between India and the EU, emphasizing trade as a crucial geopolitical stabilizer and a fundamental source of economic growth. He noted that trade agreements reinforce a rules-based economic order and promote shared prosperity.
Prior to their participation in the 16th India-EU Summit, von der Leyen and Costa attended the Indian Republic Day celebrations on January 26. Both leaders are set to meet other Indian officials to explore further opportunities for strengthening bilateral ties.