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New Delhi: European Council President António Costa on Tuesday said that the conclusion of negotiations on the India-European Union Free Trade Agreement (FTA) holds special meaning for him, as he is also an Overseas Indian Citizen (OCI).
Speaking at a joint press meet in the national capital, Costa proudly displayed his OCI card and spoke about his personal connection with India.
“I’m the President of the European Council, but I’m also an overseas Indian citizen. For me, this moment has special meaning. I’m very proud of my roots in Goa, where my father’s family came from,” he said.
India and EU Stand Together as Strategic Partners
Antonio Costa said the India-EU summit sends a strong message to the world at a time when the global order is undergoing major changes.
He noted that India and the European Union are stepping up as strategic and reliable partners.
“As the world’s two largest democracies, we are working hand in hand to deliver concrete benefits for our citizens and to build a resilient global order based on peace, stability, economic growth and sustainable development,” Costa added.
FTA of Historic Importance, Says Costa
Highlighting the importance of trade, the European Council President described trade agreements as a geopolitical stabiliser.
“Trade is a fundamental source of economic growth. Trade agreements reinforce a rules-based economic order and promote shared prosperity. That’s why the India-EU FTA is of historic importance,” he said.
PM Modi Calls FTA Blueprint for Shared Prosperity
Prime Minister Narendra Modi welcomed the conclusion of the India-EU FTA and called it “not just a trade agreement, but a blueprint for shared prosperity.”
He said India-EU relations have grown rapidly in recent years, driven by shared democratic values, economic synergy and strong people-to-people ties. The Prime Minister noted that India-EU trade currently stands at around EUR 180 billion.
Largest FTA Signed by India
PM Modi said the agreement is the largest FTA concluded by India so far and will open new opportunities for farmers, small entrepreneurs and service providers.
He also highlighted expanding cooperation in areas such as strategic technology, clean energy, digital governance and development cooperation.
Key Agreements and MoUs Signed
India and the European Union exchanged several important agreements and Memorandums of Understanding in the presence of PM Modi, European Commission President Ursula von der Leyen and Antonio Costa.
Key outcomes included:
- Political declaration on the conclusion of India-EU FTA negotiations
- Signing of the India-EU Security and Defence Partnership by EU VP Kaja Kallas and External Affairs Minister S. Jaishankar
- Adoption of “Towards 2030 – India-EU Joint Comprehensive Strategic Agenda”
- Agreements on mobility cooperation, disaster risk management and green hydrogen
- MoUs between the Reserve Bank of India and the European Securities and Markets Authority
The India-EU FTA and accompanying agreements are expected to significantly strengthen bilateral trade, investment and strategic cooperation in the coming years.
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