India-EU trade pact marks a major milestone for the country’s economic future and opens new opportunities for Indian businesses, Prime Minister Narendra Modi said on Thursday while praising the historic Free Trade Agreement (FTA) between India and the European Union.
Addressing the media at Parliament, PM Modi urged Indian traders and manufacturers to focus on quality as they enter the expanded European market. “This is an opportunity, and the first mantra of this opportunity is quality. Our traders should take the best quality products into the market, now that it is open to us,” he said.
The prime minister described the agreement as a crucial step for India’s ambitious youth and the vision of Atmanirbhar Bharat (self-reliant India). He said the pact reflects a promising future for young Indians and growing confidence in the country’s manufacturing capabilities.
“At the very beginning of this quarter, the India–European Union Free Trade Agreement shows how bright the direction ahead is and how promising the future of India’s youth is. This is free trade for an ambitious India, for aspirational youth, and for a self-reliant India,” PM Modi said. He added that Indian manufacturers would use the agreement to strengthen competitiveness and expand global reach.
Calling the deal a step towards a confident, competitive, and productive India, the prime minister’s remarks came days after India and the EU formally announced the agreement during the visit of European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The trade pact has been described as the “mother of all deals,” with the European Union projecting that exports from its member countries to India could double under the agreement. The 27-nation bloc also stated that India has agreed to significantly reduce or eliminate tariffs on a wide range of products, including wine, automobiles, chemicals, precious stones, plastics, pharmaceuticals, and other goods.
As a result, several European products could become more affordable for Indian consumers. The EU estimates that the agreement will lead to annual duty savings of up to €4 billion, further strengthening trade ties between the two economies.