Prime Minister Narendra Modi on Thursday praised the historic Free Trade Agreement (FTA) between India and the European Union (EU), calling it a major opportunity for Indian businesses and urging traders to prioritize quality in the newly opened market.
Addressing the media at Parliament, PM Modi said the first step in making the most of this agreement is ensuring that Indian products meet the highest standards.
“This is an opportunity, and the first mantra of this opportunity is to focus on quality. Our traders should take the best quality products into the market, now that it is open to us,” he said.
The Prime Minister highlighted that the trade pact aligns with the aspirations of India’s youth and strengthens the vision of ‘Atmanirbhar Bharat’ (self-reliant India).
“At the very beginning of this quarter, the India–EU Free Trade Agreement reflects how bright the coming direction is and how promising the future of India’s youth is. This is free trade for an ambitious India, for aspirational youth, and for a self-reliant India,” he said.
PM Modi expressed confidence that Indian manufacturers would use the agreement to improve their capabilities and become more competitive globally. He described the deal as a major step towards building a confident, productive, and competitive India.
The Prime Minister’s remarks came days after India and the EU officially announced the agreement during the visit of European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The deal has been widely described as the “mother of all” trade agreements. According to the EU, exports from European countries to India are expected to double under the pact. India has also agreed to significantly reduce or eliminate tariffs on several products, including wine, automobiles, chemicals, precious stones, plastics, and pharmaceuticals.
As a result, many European products are expected to become more affordable for Indian consumers. The EU estimates that the agreement will lead to annual duty savings of up to €4 billion.
Experts believe the FTA will boost trade, attract investment, generate employment, and strengthen economic ties between India and Europe, opening new avenues for growth in the coming years.
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