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Maharashtra Chief Minister Devendra Fadnavis on Tuesday hailed the signing of the India-European Free Trade Agreement (FTA) as "historic," congratulating PM Narendra Modi for concluding a deal impacting 30 per cent of the world's population and 25 per cent of global trade.
CM Fadnavis said the agreement would significantly benefit India, including Maharashtra, following its announcement at the 16th India-EU Summit by PM Modi and EU Commission President Ursula von der Leyen. Speaking to ANI, CM Fadnavis said, "Today is a historic day when the deal between the Union of India and the European Union is signed. I would like to congratulate Prime Minister Narendra Modi on successfully signing this deal, which will change the entire landscape of international trade. This deal affects 30% of the world's population. It accounts for 25% of global trade and is one of the largest deals in history. It is very beneficial, especially for India because India is the fourth largest economy and Indian exports in products and services has a huge market in the European Union... I think that it is a commendable job done by the government of India, and from the government of Maharashtra's perspective, the state will be heavily benefited..." The conclusion of this FTA positions India and the European Union as trusted partners committed to open markets, predictability, and inclusive growth. The announcement of the FTA today marks the culmination of years of sustained dialogue and cooperation, between India and the EU, demonstrating the political will and shared vision to deliver a balanced, modern, and rules-based economic and trade partnership. The European Union is India's largest trading partner, with bilateral trade in goods and services growing steadily over the years. In 2024-25, India's bilateral trade in goods with the EU stood at INR 11.5 Lakh Crore (USD 136.54 billion) with exports worth INR 6.4 Lakh Crore (USD 75.85 billion) and imports amounting to INR 5.1 Lakh Crore (USD 60.68 billion). India-EU trade in services reached INR 7.2 Lakh Crore (USD 83.10 billion) in 2024. India and EU are 4th and 2nd largest economies, comprising 25% of Global GDP and account for one third of global trade. Integration of the two large diverse and complementary economies will create unprecedented trade and investment opportunities. India has secured unprecedented market access for more than 99% of Indian exports by trade value to the EU that also bolsters the 'Make in India' initiative. Beyond goods, it unlocks high-value commitments in services complemented by a comprehensive mobility framework enabling seamless movement of skilled Indian professionals. The India-EU trade pact covers conventional areas such as trade in goods, services, trade remedies, rules of origin, customs and trade facilitation, as well as emerging areas such as SMEs and digital trade, amongst others. The India-EU FTA gives a decisive boost to its labour-intensive sectors such as textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods, and automobiles bringing down tariffs up to 10% on almost 33 bn USD of exports to zero on entry into force of the Agreement. Beyond enhancing competitiveness, it empowers workers, artisans, women, youth, and MSMEs, while integrating Indian businesses more deeply into global value chains and reinforcing India's role as a key player and supplier in global trade. The India-EU FTA marks a new chapter in bilateral economic engagement, strengthening trade, and strategic cooperation between India and the 27-member EU bloc. Cognizant of multifarious objectives placed on trade, dynamic nature of trade, fast evolving technologies and increasing regulatory complexities, the Agreement embeds multiple review, consultation and response mechanisms to deal with new, sudden challenges which emerge in future. The Agreement relies on strong stewardship and trust to deliver gains for both sides. (ANI)
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