New Delhi

Prime Minister Narendra Modi on Tuesday hailed the conclusion of the India-European Union Free Trade Agreement (FTA), describing it as "not just a trade agreement, but a blueprint for shared prosperity."

Addressing a joint press meet with European Commission President Ursula von der Leyen and European Council President Antonio Costa at Hyderabad House in the national capital, PM Modi said the signing of the FTA marked a historic moment in India-EU relations, coming a day after the EU leaders attended India's Republic Day celebrations as Chief Guests for the first time.

"Tomorrow was a historic day, as European Union leaders, for the first time, attended India's Republic Day celebration as Chief Guests. Today is another historic day, as the two biggest democratic powers in the world are adding a very important chapter to their relationship," he said.

The Prime Minister noted that India-EU relations have grown exponentially in recent years, rooted in shared democratic values, economic synergy, and strong people-to-people ties, acknowledging that the India-EU trade stands at EUR 180 billion..

"Over the past few years, relations between India and the European Union have grown exponentially. Based on the shared values of democracy, economic synergy, and strong people-to-people ties, our bilateral strength has reached new heights. Today, our trade stands at EUR 180 billion, and more than eight lakh Indians are living in EU nations and contributing to their societies," the Prime Minister said.

Highlighting expanding areas of cooperation, PM Modi said India and the EU have forged partnerships spanning strategic technology, clean energy, digital governance, and development cooperation, leading to decisions that will benefit all sections of society.

"From strategic technology to clean energy, from digital governance to development partnerships, we have established new avenues of cooperation. Building on these achievements, we have taken decisions that will benefit every section of society," the PM said.

Calling the agreement the largest FTA concluded by India to date, the Prime Minister said it would create new opportunities for farmers, small entrepreneurs, and service providers.

He added that the FTA would boost investment, foster innovation partnerships, and strengthen supply chains between India and the EU.

"Today, India has concluded the biggest Free Trade Agreement in its history. This agreement will help our farmers and small entrepreneurs, enable greater access to European markets, and deepen cooperation in the services sector. The FTA will boost investment between India and the EU, foster new innovation partnerships, and strengthen supply chains. This is not just a trade agreement; it is a blueprint for shared prosperity," the PM added.

Earlier, PM Modi held delegation-level talks with Von der Leyen and Costa during the 16th India-EU Summit.

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Prime Minister Narendra Modi, in his address at the India Energy Week, hailed the India-EU Free Trade Agreement, reiterating it as the 'Mother of all deals' and highlighting its role in illustrating the partnership between two major economies of the world. The deal becomes significant as it links two major economies that command a quarter of the world's GDP.

India also signed a Security and Defence Partnership with the EU, making it the third Asian country to have such a deal after Japan and South Korea.