New Delhi [India], January 27 : EU Commission President Ursula von der Leyen on Tuesday hailed the signing of the India-EU Free trade agreement.
In her remarks she said, "When India succeeds, the world is more stable, prosperous and secure and we all benefit."
She recalled the visit of EU College of Commissioners to India last year and how it reflects the seriousness of the commitment between the two partners.
"We did it. We delivered the mother of all deals", she said.
In her remarks she highlighted that the deal "Is a strong message that cooperation is the best answer to global challenges. This trade will integrate our supply chain and strengthen our joint manufacturing power. It will cut up to 4 billion euros in annual tariffs for exporters of all sizes, and it will create good jobs for millions of workers here in India and in Europe.At the same time, this agreement will build on the natural complementarity of our economies. "
She added that the FTA would bring together Indian skills, services scale with Europe's technology, capital and innovation.
"It will create levels of growth that neither side can achieve alone, and by combining these strengths, we reduce strategic dependencies," she said.
The EC President further noted, "Europe, and India have a long history of cooperation and the defence industry. Now we will enhance this teamwork even further."
"We are not only making our economies stronger. We are also delivering security for our people in an increasingly insecure world. Today, the world's two largest economies and democracies launched their first-ever security and defence partnership... Europe and India have a long history of cooperation in the defence industry," she added.
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.
He added, "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."
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.
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 comprehensive framework on cooperation on mobility was signed by
European Union Trade Commissioner Marcos Sefcovic and EAM Jaishankar.