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Helsinki | January 28:
Finland President Alexander Stubb on Tuesday welcomed the EU-India Free Trade Agreement (FTA) and called it historic.
He said the deal will strengthen economic and political relations between Europe and India.
“The EU-India Free Trade Agreement is historic. It is the largest trade deal ever signed by either side,” Stubb wrote on X.
He added that the agreement will deepen cooperation with India.
Stubb also said global uncertainty makes strong international partnerships more important than ever.
India and the European Union announced the conclusion of FTA negotiations on Tuesday. Talks began in 2007 and lasted over a decade.
Under the agreement, the European Union will remove tariffs on 99.5 percent of Indian exports. Most duties will drop to zero once the pact takes effect.
India will offer tariff concessions on 97.5 percent of traded goods between both sides.
Commerce Minister Piyush Goyal and EU Trade Commissioner Maros Sefcovic signed the announcement.
Prime Minister Narendra Modi and European leaders attended the event in New Delhi.
European Commission President Ursula von der Leyen called it the “mother of all deals.”
She said the agreement creates a market of two billion people.
India-EU trade has already crossed USD 136 billion. The FTA ranks among the world’s largest bilateral trade agreements.
Prime Minister Modi said India-EU cooperation will help stabilize the global economic order.
He urged business leaders to expand trade and investment.
The EU said the deal will save nearly four billion euros every year in customs duties.
The agreement comes amid rising global trade tensions and new tariff pressures.
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