"Trust has become India's strongest currency": PM Modi on trade deals with major global partners

Addressing the Indian diaspora in Kuala Lumpur as part of his two-day visit to the country, PM Modi said that trade deals made with major global partners, including the UK, EU, USA, UAE, Australia, New Zealand, and Oman, have positioned New Delhi as a "trusted partner for growth".

"Earlier, India was seen just as a huge market. Now, we are a hub for investment and trade. India is seen as a trusted partner for growth. Whether it is the UK, UAE, Australia, New Zealand, Oman, the EU or USA, countries have trade deals with India. Trust has become India's strongest currency," PM Modi said.

These remarks by the Prime Minister were met with the crowd chanting his name.

In January, India and the European Union concluded the trade agreement between the two sides, which took place during the state visit of the President of the European Council, Antonio Costa, and the President of the European Commission, Ursula von der Leyen.

Earlier today, India and the US announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade.

The joint statement said the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market-access commitments and support a more resilient supply chain.

As per the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian-originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.

PM Modi, during his address, also highlighted India's people-centric initiatives and opportunities for the Indian diaspora in Malaysia.

He noted the recent announcement to extend eligibility for an Overseas Citizen of India card to Malaysian citizens of Indian origin up to the sixth generation and to introduce Thiruvalluvar Scholarships for Malaysian students to study in India.

He also noted that a new Indian Consulate will soon open in Malaysia.

"India will always embrace you with open arms. That is why we made a historic decision just a few months ago. We extended the OCI card eligibility to Malaysian citizens of Indian origin up to the 6th generation. We have been supporting the Indian Scholarships Trust Fund. Now, we are also going to give Thiruvalluvar Scholarships for students to study in India. And we look forward to seeing you in the Know India Program. You would be happy to know that we will soon be opening a new Consulate of India in Malaysia. This will bring us even closer," the Prime Minister said.

Reflecting on India's rapid transformation over the past decade, PM Modi added, "When we met in 2015, I spoke to you about India's potential. Now, I speak to you about India's performance. In one decade, India has seen a massive transformation. Then, we were the 11th largest economy in the world. Now, we are knocking on the doors of the Top 3. We are also the world's fastest-growing major economy."

He highlighted key achievements, including India becoming the world's second-largest mobile manufacturer, the significant growth of defence exports, India emerging as the third-largest startup hub globally, and the creation of the world's largest Digital Public Infrastructure and fintech ecosystem, with nearly half of the world's real-time digital transactions happening in India through the UPI platform.

He also noted India's commitment to clean energy, noting that solar capacity has increased 40-fold over the last decade.

Prime Minister Modi is on a two-day visit to Malaysia to further strengthen the India-Malaysia Comprehensive Strategic Partnership through enhanced cooperation in economic, digital, cultural, and people-to-people domains. (ANI)