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Prime Minister Narendra Modi on Tuesday hailed the India-European Union Free Trade Agreement (FTA) as a perfect example of a partnership between two major economies of the world, noting that the landmark deal will create major opportunities for people, businesses and investors in both regions.
The Prime Minister made these remarks during his address at the India Energy Week 2026 Opening Ceremony. Referring to the recently signed agreement, PM Modi said the deal has already drawn global attention and is being described as the "mother of all deals". "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," the Prime Minister said. He further highlighted the scale of the agreement, stating that the India-EU FTA represents 25 per cent of the global GDP and one-third of global trade. According to the Prime Minister, the agreement reflects the growing economic strength and global relevance of both India and the European Union. PM Modi also said that the agreement reinforces shared democratic values. "This agreement empowers our shared commitment towards democracy and rule of law. This Free Trade Agreement with the European Union will also complement Britain and EFTA's agreements," he said, while congratulating the people of the nation for the milestone achievement. Extending his congratulations to those associated with different sectors, the Prime Minister said the agreement would be highly beneficial for industry stakeholders. "I also congratulate colleagues associated with the sector. This agreement will be very helpful for you," he said. He added that the trade deal would have a positive impact on both manufacturing and services in the country. "Friends, this trade deal will not only strengthen manufacturing in India, but will also lead to further expansion of the services sector," the Prime Minister said. Emphasising the broader global impact, PM Modi said the FTA would boost global confidence in India. "This Free Trade Agreement will further strengthen global confidence in India for businesses and investors across the world," he said, adding that India is actively working on global partnerships across all sectors. Focusing on the energy sector, the Prime Minister pointed to significant investment opportunities across the energy value chain. "If I talk about the energy sector alone, there are immense investment opportunities across different segments linked to the energy value chain," he said. He also highlighted reforms in the exploration sector, noting that India has opened it up significantly. Referring to deep-sea initiatives, PM Modi said, "You are aware of our deep-sea exploration-linked Samudra Manthan Mission." The Prime Minister further stated that India is making efforts to increase investment in the oil and gas sector. "We are making efforts to take investment in our oil and gas sector to one hundred billion dollars by the end of this decade," he said. PM Modi's remarks highlighted the strategic and economic importance of the India-EU FTA and its role in strengthening India's position as a global economic and investment destination. Negotiations on a free-trade agreement between India and the EU started in 2007 and was relaunched in 2022. This agreement will boost bilateral trade and investment ties and drive shared prosperity. (ANI)
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