New Delhi, Jan 27 (TNT) :Hailing the conclusion of the India–European Union Free Trade Agreement (India–EU FTA) as a landmark national achievement under the visionary leadership of Prime Minister i Narendra Modi, the Federation of Indian Export Organisations (FIEO) on Tuesday stated that the pact will significantly enhance India’s export competitiveness and deepen its integration with global value chains.
The historic agreement was jointly announced by Prime Minister Modi and European Commission President Ms Ursula von der Leyen at the 16th India–EU Summit held in New Delhi today, FIEo said in a release here.
Describing the FTA as a defining milestone in India’s global economic journey, FIEO President Mr S. C. Ralhan said the agreement reflects the Government of India’s unwavering commitment to trade-led growth, economic reforms, and global integration.
He noted that the pact is the outcome of sustained and result-oriented negotiations relaunched in 2022, backed by strong political resolve.
The European Union is among India’s largest trading partners.
In FY 2024–25, India–EU trade in goods stood at INR 11.5 lakh crore (USD 136.54 billion), while trade in services reached INR 7.2 lakh crore (USD 83.10 billion).
Together, India and the EU account for nearly 25 per cent of global GDP and one-third of global trade, an opportunity now strategically unlocked through the FTA.
Mr Ralhan said the agreement would provide tariff elimination of up to 10 per cent on nearly USD 33 billion worth of Indian exports, delivering immediate gains to key sectors such as textiles, apparel, leather, footwear, gems and jewellery, engineering goods, marine products, handicrafts, and automobiles.
These benefits are expected to generate large-scale employment and strengthen MSMEs, women entrepreneurs, artisans, and youth participation in global trade.
The comprehensive agreement covers trade in goods and services, rules of origin, customs facilitation, digital trade, MSM.
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