Following a historic visit by an EU delegation, India and the European Union have signed a landmark free trade agreement. Foreign Secretary Vikram Misri described the outcomes as 'deeply strategic' and a move to propel the partnership forward.
New Delhi [India], January 27 (ANI): On a day that India and the European Union inked a historic trade deal described as 'the mother of all deals, Foreign Secretary Vikram Misri said that the historic visit by the European delegation saw important outcomes.
Adressing a briefing in the national capital on Tuesday, Misri was flanked by Union Minister Piyush Goyal and Commerce Secretary Rajesh Agarwal, where he said that India and EU had resolved to take their strategic partnership forward for mutual benefit.
'Strategic Partnership Has Value Beyond Bilateral Context'
"The outcomes are deeply strategic in nature. Over the last decade, the relations between India and the European Union have grown steadily. They have grown not just in scale but in significance as well, as evidenced by the level and frequency of contacts and engagements between the two sides. In our fast-changing world, the strategic partnership between India and the EU has a value beyond the bilateral context, particularly as we witness shifts in the global economic, technological, and strategic landscape. As the world's second and fourth largest markets, India and the EU also have very high stakes on all critical global challenges of the day, including over-dependence and concentration of global manufacturing and supply chains on a limited set of geographies, an ineffective multilateral system, emerging multipolarity, and growing protectionist tendencies in different parts of the world. And therefore, as two large pluralistic democracies and open market economies, our leaders have resolved to take this very strategic partnership forward for mutual benefit and for the greater good of the global population as a whole," the Foreign Secretary said.
Key Agreements and Business Forum
The Foreign Secretary said that along with the EU-India FTA several other important agreements had been inked between the two sides. "Today, Presidents Antonio Costa and Ursula von der Leyen and Prime Minister Modi co-chaired the 16th India-EU summit. They held detailed bilateral talks, both in the restricted format and in the delegation-level format. There were several key documents that were signed and exchanged before the leaders, including the joint announcement on the conclusion of the negotiations of a landmark and historic India-EU free trade agreement, an equally important security and defence partnership agreement between the two sides, and an MOU on comprehensive framework on cooperation on mobility, among others. Prime Minister and President von der Leyen also addressed the India-EU Business Forum in Bharat Mandapam, where more than 100 CEOs from both sides participated," he said.
A 'Truly Historic' Visit
Misri described the visit of the European Union Presidents as historic and said that this was the first time EU leaders had come as guests of honour for the Republic Day. "Let me make a few quick points with regard to the outcome of this truly historic visit that is currently underway. The President of the European Council, His Excellencies Antonio Costa, the President of the European Commission, Her Excellency Ursula von der Leyen are on a state visit to India at the invitation of Prime Minister Narendra Modi. Both the Presidents were jointly Chief Guests at the Republic Day celebrations yesterday. This is the first time ever that we had the European leaders as guests of honour for our Republic Day," he said.
Details of the Landmark FTA
On Tuesday, India and the European Union (EU) on Tuesday announced the conclusion of negotiations for a Free Trade Agreement (FTA), an important milestone in one of India's most strategic economic partnerships.
Designed as modern, rules-based trade partnership, the FTA responds to contemporary global challenges while enabling deeper market integration between the world's fourth and second largest economies. With a combined market estimated at over Rs 2091.6 Lakh Crore (USD 24 trillion), bringing unparalleled opportunities for the 2 billion people of India and the EU, the FTA unlocks significant potential for trade and innovation.
The FTA delivers unprecedented market access for more than 99% of India's export by trade value, while preserving policy space for sensitive sectors and reinforcing India's developmental priorities. (ANI)
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