EU-India FTA holds special meaning for me: Council President Costa

European Council President Antonio Costa, citing his Goan roots, celebrated the conclusion of the India-EU FTA. PM Modi hailed it as a blueprint for shared prosperity, noting the deal would benefit farmers, entrepreneurs, and service providers.

A Personal Connection

European Council President Antonio Costa showed his overseas Indian card during the joint press meet here in the national capital on Tuesday and underlined how the conclusion of negotiations holds a special meaning for him. "I'm the President of the European Council, but I'm also an overseas Indian citizen. Then, as you can imagine, for me it has a special meaning. I'm very proud of my roots in Goa, where my father's family came from and the connection between Europe and India is something personal to me"

'Taking Our Partnership to the Next Level'

"We conclude today our trade negotiations. We relaunched at the latest meeting that I had the pleasure of hosting in May 2021 in my previous capacity. Our summit sends a clear message to the world. At a time when the global order is being fundamentally reshaped, the European Union and India stand together as strategic and reliable partners. Today, we are taking our partnership to the next level. As the two largest democracies in the world, we are working hand in hand to deliver concrete benefits for our citizens and to shape a resilient global order that underpins peace and stability, economic growth and sustainable development," he added.

He shared that EU and India must work together towards shared prosperity and security. "Trade is a crucial geopolitical stabiliser and the fundamental source of econmic growth. Trade agreeements reinforce rules-based economic orderand promote shared prosperity. That's why the FTA is of historic importance", the European Council President remarked.

'Blueprint for Shared Prosperity': PM Modi

Prime Minister Narendra Modi on Tuesday hailed the conclusion of the India-European Union Free Trade Agreement (FTA), describing it as "not just a trade agreement, but a blueprint for shared prosperity."

The Prime Minister noted that India-EU relations have grown exponentially in recent years, rooted in shared democratic values, economic synergy, and strong people-to-people ties, acknowledging that the India-EU trade stands at EUR 180 billion.

Highlighting expanding areas of cooperation, PM Modi said India and the EU have forged partnerships spanning strategic technology, clean energy, digital governance, and development cooperation, leading to decisions that will benefit all sections of society.

Calling the agreement the largest FTA concluded by India to date, the Prime Minister said it would create new opportunities for farmers, small entrepreneurs, and service providers.

Key Agreements Inked

India and the European Union inked key agreements and MoUs on Tuesday in the presence of Prime Minister Narendra Modi and European Commission President Ursula von der Leyen and European Council President Antonio Costa.

Notably, India and the EU have also agreed on a strategy document titled, 'Towards 2030- a joint India-European Union Comprehensive Strategic Agenda.'

India and EU exchanged several agreements and MoUs reflecting the wide-ranging and multi-faceted cooperation as a part of the India-EU Strategic Cooperation.

The political declaration on conclusion of negotiations on the India-EU FTA by Commerce Minister Piyush Goyal and European Union Trade Commissioner Marcos Sefcovic.

The India-EU Security and Defence Partnership document was signed by EU VP Kaja Kallas and EAM S Jaishankar.

The signing of the document the Comprehensive Framework on Cooperation on mobility was signed by European Union Trade Commissioner Marcos Sefcovic and EAM Jaishankar.

Other documents exchanged include cooperation on disaster risk management, agreement on the constitution of a green hydrogen task force and two documents MoU between the Reserve Bank of India and the European Securities and Markets Authority and the administrative arrangement on the advanced electronic seals and signaturted. (ANI)

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