PM Modi Hails India-EU Free Trade Pact as “Game Changer”
Prime Minister Narendra Modi has described the upcoming India-European Union Free Trade Agreement (FTA) as a transformative “game changer” for manufacturing, services, and investment. He made the remarks while addressing the India-EU Business Roundtable in Gandhinagar, Gujarat.
Key Benefits of the India-EU FTA
- Economic Growth: The pact is projected to significantly boost trade and investment flows between India and the EU.
- Job Creation: A major expected outcome is the generation of new employment opportunities in both regions.
- Strategic Depth: Beyond economics, the agreement will strengthen the broader strategic partnership.
- Regional Stability: PM Modi highlighted its potential role in promoting peace and stability in the region.
“The India-EU free trade agreement will be a game changer for manufacturing, services and investment,” PM Modi stated. He reiterated that the agreement will be instrumental in creating jobs and boosting economic growth for both sides.
The Prime Minister emphasized the wider strategic importance, noting, “The agreement will help in strengthening the strategic partnership between India and the EU.” He also connected the economic partnership to broader geopolitical benefits, adding it would help in “promoting peace and stability in the region.”
Timeline and Expectations
The landmark agreement is anticipated to be finalized and signed by the end of the current year. Its implementation is expected to unlock new avenues for bilateral trade and provide a substantial fillip to economic growth in both India and the European Union.
