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Prime Minister Narendra Modi, with President of the European Council António Luís Santos da Costa, and President of the European Commission Ursula von der Leyen, during the signing of India-EU FTA at Hyderabad House, in New Delhi on Tuesday. (ANI Photo)
After nearly two decades of talks, India and the European Union formally completed the negotiations on the much-awaited free trade agreement (FTA) at the India-EU summit in Delhi on Tuesday.
Prime Minister Narendra Modi said that the trade deal will boost manufacturing in India and also expand services-related sectors in the country. Hailed as the “mother of all deals”, the FTA will strengthen global businesses and investors’ confidence in India, Modi announced while virtually inaugurating the India Energy Week in Goa.
Both countries have also signed a mobility pact aimed at easing the movement of Indian students, workers and professionals across 27 EU member countries. The pact comes at a time when the US is making H1-B and other visa routes for Indian citizens more expensive, stricter.
Various sectors in India, such as textiles, gems and jewelry, leather, and jute, are set to benefit from the India-EU trade deal.
Here’s who will gain what, and what’s next:
Both sides are set to announce the successful conclusion of talks on Wednesday at the India-EU Summit. The formal signing of the agreement would take place later this year after legal scrubbing of the agreement is completed.
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