Finance
India-EU Free Trade Agreement News Updates: A document declaring the end of free trade agreement discussions was signed by India and the EU on Tuesday. It included agreements on frameworks for mobility collaborations as well as security and defense ties. India and the 27-nation European Union signed their largest free trade agreement today. “This is a new blueprint for shared prosperity, not just a trade agreement,” Modi declared.
By removing or lowering tariffs on 96.6% of traded items by value, the agreement is anticipated to quadruple EU exports to India by 2032. The EU added that this will save European businesses 4 billion euros ($4.75 billion) in charges.
Speaking of the deal, PM Modi said that the India-European Union trade deal will boost manufacturing in India and also expand services-related sectors in the country. “India today inked its biggest free trade deal with 27-nation European Union,” Modi said. European Commission President Ursula von der Leyen underscored that India and Europe have concluded the “mother of all” trade deals. “Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit,” Von der Leyen said. “This is only the beginning. We will grow our strategic relationship to be even stronger,” she said.
Source: IE
