New Delhi: Prime Minister Narendra Modi on Tuesday said the India-EU free trade agreement is a blueprint for shared prosperity for the global good, and the country’s partnership with Europe will strengthen international stability at a time when the world order is witnessing turbulent times.
Modi was speaking at a joint press meet with European Council President Antonio Costa and European Commission President Ursula von der Leyen after the conclusion of negotiations for the India-EU free trade agreement and summit meeting.
“This is not just a trade agreement. It is a new blueprint for shared prosperity,” Modi asserted.
Noting that India has concluded the largest free trade agreement in its history, the prime minister said the “historic agreement” will facilitate access to the European market for India’s farmers and small industries, create new opportunities in manufacturing, and strengthen cooperation in its services sectors.
“Moreover, this FTA will boost investment between India and the European Union, forge new innovation partnerships, and strengthen global supply chains,” Modi said.
The Prime Minister also announced that India and the EU are formalising a security and defence partnership, which will deepen collaboration in counter-terrorism, maritime security, and cybersecurity.
“It will also strengthen our shared commitment to a rules-based international order. The scope of our cooperation in the Indo-Pacific region will expand. And with this, our defence companies will realise new opportunities for co-development and co-production,” he noted.
On the basis of the success of the India-EU summit, Modi said, the two partners are also launching an even more ambitious and holistic strategic agenda for the next five years.
“In a complex global environment, this agenda will provide clear direction, advance our shared prosperity, accelerate innovation, strengthen security cooperation, and deepen people-to-people ties,” he added.
Stating that the global order is currently undergoing significant upheaval, he said, “In this context, the partnership between India and the European Union will strengthen stability in the international system”.
Referring to “extensive discussions” with EU officials on several global issues, including Ukraine, West Asia, and the Indo-Pacific, Modi said, “Respect for multilateralism and international norms is our shared priority. We agree that reforming global institutions is essential to address today’s challenges”.
He termed the summit between India and the European Union as “one such moment” when the direction changed, and a new era began in the relations between the two partners.
Relations between India and the European Union have witnessed remarkable progress in recent years, the Prime Minister said, adding that the partnership based on shared democratic values, economic synergy, and strong people-to-people ties is reaching new heights.
He further said, “Today, we have trade worth 180 billion euros. More than 800,000 Indians are living and actively contributing in EU countries”.
Alongside the FTA, Modi said, “We are also creating a new framework for mobility. This will open up new opportunities in the European Union for Indian students, workers, and professionals”.
Referring to India’s long-standing and extensive cooperation in science and technology with the EU, he said, “Today, we have decided to further strengthen these important linkages”.
In his speech, Costa said the India-EU FTA is the most ambitious agreement ever concluded for a market of 2 billion people.
He also said that the India-EU summit gives a clear message to the world that India and the EU stand together as reliable partners.
“We count on you (Modi) to help create conditions for peace in Ukraine through dialogue, diplomacy,” Costa said.
Leyen said the India-Europe partnership will reduce strategic dependency at a time when global trade is being increasingly weaponised.
“We are delivering security for our people in an increasingly insecure world,” she said, adding that India has risen, and Europe is truly glad about it.
