India and the European Union have formally inked a landmark trade agreement, described as the “mother of all trade deals,” Prime Minister Narendra Modi announced at the inauguration of India Energy Week in Goa.
Addressing the gathering, Mr. Modi said the agreement would open up wide ranging opportunities for the nearly 1.4 billion people of India and the European Union. He noted that the scale of the pact underlines its global significance, as it represents nearly 25% of global GDP and accounts for around one-third of global trade.
“Along with trade, the agreement also reflects our shared commitment to democracy and the rule of law,” the Prime Minister said, highlighting the meeting of economic and values-based cooperation between India and the EU.
PM Modi added that the deal would complement India’s existing free trade agreements with the United Kingdom as well as the Asia-Pacific Trade Agreement, further strengthening the country’s global trade architecture.
He said key sectors such as textiles, gems and jewellery, leather, and footwear are expected to benefit significantly from enhanced market access under the agreement. The Prime Minister also stressed that the pact would provide a boost to India’s manufacturing ecosystem while extending advantages to the services sector.
