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As India and the European Union ink the historic Free Trade Agreement, popularly dubbed the 'mother of all deals', Prime Minister Narendra Modi hailed the deal saying that this would give a major boost for manufacturing in India. He also said that the services sector will also expand post this Free Trade Agreement with the European Council.
"Manufacturing will get a huge boost from this trade deal with the EU, and the services sector will also expand. The Free Trade Agreement will boost the confidence of every investor and businessman to invest in India," the PM said as he ianugurated the India Energy Week being held in Goa. 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. Referring to the recently signed agreement, PM Modi also 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. "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...I congratulate the people of the nation for this," he added. India and the EU together represent almost one-fifth of global trade and around 25 per cent of the global population, highlighting the growing economic and strategic weight of the partnership. The EU and India are close partners working to promote economic prosperity, a rules-based international order and sustainable development. Trade and investment remain central pillars of this relationship. In trade in goods, the EU is India's second-largest trading partner, right after China and ahead of the United States, accounting for 11.5 per cent of India's total goods trade. As per official data, in 2024, EU-India trade in goods was valued at over Euro 120 billion. This included Euro 71.4 billion worth of EU imports from India and Euro 48.8 billion in EU exports to India. Over the last decade, bilateral trade in goods has doubled. During this period, EU imports from India grew by 140 per cent, while EU exports to India increased by 58 per cent, showing the steady expansion of commercial ties. The main goods exported by the EU to India include machinery and appliances, transport equipment and chemicals. On the other hand, the EU primarily imports machinery and appliances, chemicals and fuels from India. Trade in services has also seen strong growth. In 2024, EU-India trade in services was worth over Euro 66 billion, with more than Euro 37 billion in EU imports and around Euro 29 billion in EU exports. Over the past decade, trade in services between the two sides has more than doubled, recording a growth of 243 per cent. 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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