By Admin 
India EU Free Trade Agreement: Regarding the historic free trade agreement signed between India and the European Union on Tuesday, Prime Minister Narendra Modi described it as the biggest FTA so far. He said that the current trade between India and EU is about 180 billion dollars and more than eight lakh Indians are working in Europe. This agreement will open new opportunities for cooperation in areas like strategic technology, clean energy, manufacturing and investment.
According to PM Modi, this FTA with 27 countries will provide easy access to the European market to farmers, small industries and MSMEs, promote manufacturing and accelerate investment between the two sides, which will broadly benefit all sections of the society.
Global supply chain will be strengthened
In the joint press conference of India-EU, Prime Minister Narendra Modi said that this agreement is not just a trade agreement, but a big step towards strengthening the global supply chain and creating a new framework for mobility. He said that this will open new opportunities for Indian students and workers and mutual cooperation in the field of science and technology will deepen.
PM Modi stressed that defense and security cooperation is the foundation of any partnership, which this agreement formalizes. This will strengthen counter terrorism, cyber security and cyber partnership. Also, new opportunities for co-production will arise for Indian defense companies. He said that India and the EU are launching a new, ambitious agenda for the next five years, which will set a clear direction, accelerate innovation, strengthen security cooperation and further strengthen people-to-people ties.
EU major trading partner
The European Union is a very important trading partner of India, with which about 17 percent of India’s total trade is related. The total trade between India and EU in the financial year 2024-25 was about $136.53 billion. In this, India imported 60.68 billion dollars from the EU, while 75.85 billion dollars were exported to the EU.
In this way, India achieved a trade surplus of about 15.17 billion dollars with the European Union. Apart from trade in goods, there is a strong partnership between the two in the service sector also. India-EU trade in services sector is expected to reach $83.10 billion by 2024, in which sectors like IT, business services and telecommunications are prominent.
Why is FTA necessary?
The European Union is a very important trading partner of India, with which about 17 percent of India’s total trade is related. The total trade between India and EU in the financial year 2024-25 was about $136.53 billion. In this, India imported 60.68 billion dollars from the EU, while 75.85 billion dollars were exported to the EU.
In this way, India achieved a trade surplus of about 15.17 billion dollars with the European Union. Apart from trade in goods, there is a strong partnership between the two in the service sector also. India-EU trade in services sector is expected to reach $83.10 billion by 2024, in which sectors like IT, business services and telecommunications are prominent.
Also read: Pasta, beer, wine, chocolate… know what will become cheaper in India after FTA with EU