The India-European Union Free Trade Agreement (FTA) has sparked strong optimism across India's textile sector, particularly in major manufacturing hubs such as Surat, where industry leaders view the pact as a long-awaited catalyst for modernisation, cost efficiency, and export-led growth.
According to Ranjeet Mehta, CEO and Secretary General of PHD Chamber of Commerce and Industry (PHDCCI), the agreement provides Indian industries with a gateway to a massive USD 23 trillion economy.
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.
The finalisation of the India-European Union Free Trade Agreement (FTA) is expected to transform India into a global manufacturing hub for the chemicals sector, according to Union Minister of Commerce and Industry Piyush Goyal. The Minister highlighted that the strategic trade pact will unlo
Bolstered by the newly finalised Free Trade Agreement (FTA), Chairman of the India Cellular & Electronics Association, Pankaj Mohindroo, projects India's electronics exports to the European Union to cross the USD 100 billion mark by 2035. The trade pact provides a strategic shield for the In
As part of the pact, the European Union will abolish tariffs on 9425 lines of Indian exports, unlocking preferential access valued at USD 75 billion. This move is expected to accelerate India's ambition to reach USD 300 billion in engineering exports by providing entry into a USD 2 trilli
Finnish President Alexander Stubb welcomed the EU-India Free Trade Agreement as historic. India and the EU concluded the long-pending pact, cutting tariffs on most goods. Leaders called it a major boost to trade and ties, with PM Modi urging businesses to deepen cooperation.
As India and EU signed the security and defence partnership, EU Vice President Kaja Kallas noted that this would help in exploring Indian participation in European defence initiatives.
After India and the European Union signed the security and defence partnership, European Commission Vice-President Kaja Kallas on Tuesday urged for deepening ties across multilateral fora for further developing defence cooperation.
Sefcovic described the prospective pact as the "mother of all deals," noting that negotiators are "checking their final numbers" as the European bloc pushes to reduce India's steep import duties that can reach up to 150 % in some sectors.
Sachdev, in a conversation with ANI, said that after the agreement, the export of Indian goods and services to Europe is expected to go up to USD 250 to 270 billion.
European Commission President Ursula von der Leyen arrived in New Delhi on a state visit ahead of the 77th Republic Day celebrations. India and the EU are set to hold a summit and move closer to a major trade agreement amid evolving global trade challenges.