As India and the European Union prepare to announce a historic free trade agreement on Tuesday, Prime Minister Narendra Modi expressed optimism that the deal would boost the manufacturing and services sectors in both economies.
Inaugurating the India Energy Week in Delhi, Modi noted that the trade pact is being hailed as the “mother of all deals,” as it is expected to create significant opportunities for businesses and people on both sides.
“A landmark agreement is being signed between India and the European Union. People around the world are calling it the ‘mother of all deals.’ This agreement will bring tremendous opportunities for India’s 1.4 billion people and millions of people across European countries,” he said.
Modi hailed the India-European Union Free Trade Agreement (FTA) as a perfect example of a partnership between two major economies of the world.
"This agreement empowers our shared commitment towards democracy and rule of law. This Free Trade Agreement with the European Union will also complement Britain and EFTA's agreements...I congratulate the people of the nation for this," he added.
India and the EU have concluded official-level negotiations on the proposed FTA, which is expected to strengthen economic ties and boost two-way commerce.
“Official-level negotiations have been concluded, and both sides are set to announce the successful conclusion of FTA talks on January 27, Tuesday,” Commerce Secretary Rajesh Agrawal said on Monday.
The agreement is expected to provide preferential access for a wide range of Indian exports to the EU, especially those from labour-intensive sectors that had been hit by US President Donald Trump's 50 per cent tariffs on New Delhi.