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New Delhi: India and the European Union on Tuesday hailed the conclusion of the India-EU Free Trade Agreement (FTA), calling it a milestone deal that will significantly enhance bilateral trade, investment, and economic cooperation.
Prime Minister Narendra Modi co-chaired the 16th India-EU Summit in New Delhi along with the President of the European Council António Costa and the President of the European Commission Ursula von der Leyen, according to a joint statement issued by India and the EU.
India-EU Strategic Partnership to Reach New Heights
The leaders reaffirmed their commitment to elevate the India-EU Strategic Partnership based on shared values such as democracy, human rights, pluralism, rule of law, and a rules-based international order with the United Nations at its core.
They also welcomed progress under the India-EU Strategic Partnership: A Roadmap to 2025 and stressed the need to deliver tangible benefits for people and businesses on both sides.
FTA to Strengthen Trade, Investment and Supply Chains
The joint statement described the India-EU FTA as a historic agreement that will:
- Boost bilateral trade and investment
- Strengthen resilient and diversified supply chains
- Drive shared prosperity
- Support sustainable and inclusive growth
Both sides called for the timely implementation of the FTA to unlock its full potential.
Investment Protection and GI Agreements Finalised
Along with the FTA, India and the EU concluded:
- An Investment Protection Agreement to provide predictable and high-standard protection for investors
- An Agreement on Geographical Indications (GI) to safeguard iconic products and expand trade opportunities
Additionally, regulatory cooperation in financial services was enhanced following a Memorandum of Understanding between the European Securities and Markets Authority and the Reserve Bank of India.
Focus on Clean Energy, Semiconductors and Climate Action
The leaders agreed to scale up cooperation in critical areas, including:
- Clean energy and climate action under the India-EU Clean Energy and Climate Partnership
- Semiconductor supply chains and joint research under the EU-India Semiconductor MoU
- Green Hydrogen, wind energy, sustainable mobility and electric vehicles
- Critical minerals, bio-manufacturing and agrifood supply chains
They also committed to strengthening cooperation on climate adaptation, disaster resilience, water security, and circular economy initiatives.
Expanding Cooperation Across Sectors
India and the EU will deepen collaboration in:
- Railways, ship recycling and urban sustainability
- Sustainable finance and green bonds
- Health, disaster risk management and epidemic preparedness
The joint statement underlined that the FTA and accompanying agreements mark a new chapter in India-EU relations, positioning both partners for stronger economic growth and strategic cooperation in the years ahead.
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