Hyderabad (Telangana) [India], January 28 : BJP spokesperson Prakash Reddy on Wednesday termed the India-EU Free Trade Agreement (FTA) as "one more success story of PM Modi", asserting that if properly implemented, Indian trade will greatly benefit.
"It is the mother of all agreements, like PM Modi said. If the agreement is properly implemented, Indian trade will greatly benefit. Such FTAs will help the Indian economy. This is one more success story of PM Modi," Reddy said.
Prime Minister Narendra Modi, von der Leyen and European Council President Antonio Luis Santos da Costa unveiled the pact during a joint press briefing in New Delhi on Tuesday, where PM Modi said India-EU cooperation would help stabilise a turbulent global order.
Under the agreement, the EU will remove tariffs on 99.5 per cent of Indian exports, with most duties dropping to zero once the pact comes into force, while India will provide tariff concessions on 97.5 per cent of traded value. Commerce Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic signed the joint announcement in the presence of the leaders.
As part of the agreement, India will revoke tariffs on all EU chemical products, while duties will be abolished on 90 per cent of optical, medical and surgical equipment.
The agreement comes amid fresh tariff pressures on both India and Europe from the Donald Trump-led US administration.
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.
India and the EU exchanged several agreements and MoUs, reflecting the wide-ranging, multifaceted cooperation under the India-EU Strategic Cooperation.
Among the agreements exchanged was the political declaration on the conclusion of negotiations on the India-EU Free Trade Agreement, signed by Commerce Minister Piyush Goyal and European Union Trade Commissioner Marcos Sefcovic.
The India-EU Security and Defence Partnership document was signed by EU Vice President Kaja Kallas and External Affairs Minister S Jaishankar, while the comprehensive framework on mobility was signed by Vice President of the European Commission, Maros Sefcovic, and EAM Jaishankar, highlighting the wide-ranging and multifaceted nature of India-EU strategic cooperation.
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