New Delhi [India], Janary 27 : Noting that the European Union and India are committed to acting together as anchors of stability in an increasingly fragmented and multipolar world, European Council President Antonio Costa has said that the EU-India Free Trade Agreement is a crucial geopolitical stabilizer.
Costa, who is in India on a State visit along with European Commission President Ursula von der Leyen, and was a co-chair at the 16th India-EU Summit, said a new Security and Defence Partnership was another major outcome of the Summit meeting.
"The European Union and India are committed to acting together as anchors of stability in an increasingly fragmented and multipolar world," he said.
"The 16th EU-India Summit delivered three major outcomes: 1. The EU-India Free Trade Agreement is a crucial geopolitical stabiliser. It showcases how the EU and India are acting together to protect international rules-based trade - by offering partnerships instead of tariffs," he added.
He said the defence partnership will better protect shared interests in Europe, the Indo-Pacific, and globally.
"2. A new Security and Defence Partnership, strengthening our cooperation to address the full spectrum of security threats and to better protect our citizens and shared interests - in Europe, the Indo-Pacific, and globally".
"3. A shared roadmap for the future through the Joint Comprehensive Strategic Agenda towards 2030, aligning our priorities on energy, connectivity, mobility," he added.
The conclusion of FTA positions India and the European Union as trusted partners committed to open markets, predictability, and inclusive growth.
The FTA comes after intense negotiations since the re-launch of negotiations in 2022. The announcement of the FTA today marks the culmination of years of sustained dialogue and cooperation, between India and the EU, demonstrating the political will and shared vision to deliver a balanced, modern, and rules-based economic and trade partnership.
The European Union is one of the largest trading partners of India with bilateral trade in goods and services growing steadily over the years. In 2024-25, India's bilateral trade in goods with the EU stood at INR 11.5 Lakh Crore (USD 136.54 billion) with exports worth INR 6.4 Lakh Crore (USD 75.85 billion) and imports amounting to INR 5.1 Lakh Crore (USD 60.68 billion). India-EU trade in services reached INR 7.2 Lakh Crore (USD 83.10 billion) in 2024.
India and EU are fourth and second largest economies, comprising 25% of Global GDP and account for one third of global trade. Integration of the two large diverse and complementary economies will create unprecedented trade and investment opportunities, a release said.