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EU Trade Commissioner Marcos Sefcovic said that the largest Free Trade Agreement (FTA) was delivered on Tuesday on the occasion of the India-EU Summit. The Commissioner said that the high tariffs had been reduced, and opportunities been unleashed. Claiming the trade as a "win-win", he termed the partnership with the Union Commerce and Industry Minister, Piyush Goyal, as "genuine".
Through the official X post, he said, " After a year of tireless engagement and more than a decade in the making, we've delivered the biggest FTA ever. High tariffs down, opportunity unleashed. Proof that a win-win trade is real and that a genuine partnership, like with Minister @PiyushGoyal, is always worth the effort." Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa jointly announced the conclusion of the India-European Union Free Trade Agreement (India-EU FTA) at the 16th India-EU Summit, held during the visit of the European leaders to India. The documents on the FTA conclusion were exchanged between EU Trade Commissioner Maros Sefcovic and Union Commerce Minister Piyush Goyal. This announcement marks a historic milestone in India-EU economic relations and trade engagement with key global partners. The FTA comes after intense negotiations since the re-launch of negotiations in 2022. The announcement of the FTA on Tuesday 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 one of India's largest trading partners, 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 Rs 11.5 Lakh Crore (USD 136.54 billion) with exports worth Rs 6.4 Lakh Crore (USD 75.85 billion) and imports amounting to Rs 5.1 Lakh Crore (USD 60.68 billion). India-EU trade in services reached Rs 7.2 Lakh Crore (USD 83.10 billion) in 2024. India and the EU are the 4th and 2nd largest economies, comprising 25 per cent 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. Union Minister for Commerce and Industry, Piyush Goyal, lauded the strategic vision and steadfast leadership of Prime Minister Narendra Modi. "The conclusion of the India-European Union Free Trade Agreement represents a defining achievement in India's economic engagement and global outlook. This supports India's approach to secure trusted, mutually beneficial and balanced partnerships," he said Beyond a conventional trade deal, the FTA represents a comprehensive partnership with strategic dimensions and is one of the most consequential FTA. India has secured unprecedented market access for more than 99 per cent of Indian exports by trade value to the EU, which 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. India, powered by a young and dynamic workforce and one of the fastest-growing major economies, stands poised to leverage this FTA to create jobs, spur innovation, unlock opportunities across sectors, and enhance its competitiveness on the global stage.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. (ANI)
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