Says it fully aligns with vision of a developed India
Prime Minister Narendra Modi on Friday highlighted that the historic India-EU free trade agreement fully aligns with the vision of making India a developed country.
Responding to a post by Goyal on X, the Prime Minister said the article outlined how the landmark trade agreement expands markets, creates jobs, and safeguards India’s core interests. He described the piece as a “must-read” for understanding the transformative impact of the India–EU trade deal.
“In this must-read article, Union Minister Shri Piyush Goyal writes about the historic India–EU Free Trade Agreement that fully aligns with the vision of making India a developed country,” PM Modi said in his post, adding that the agreement reflects the government’s commitment to balanced and growth-oriented economic diplomacy.
Goyal had shared his article on X, highlighting the successful conclusion of the trade pact under PM Modi’s leadership. He termed the agreement a historic milestone that redefines India’s approach to economic diplomacy and strengthens key sectors of the economy.
Goyal said that the India-EU FTA is expected to foster broad-based prosperity, with benefits reaching every region and citizen of the country. He noted that the agreement prioritises India’s core interests while opening up new markets, boosting exports, generating employment, and driving long-term economic growth.
The Union Minister also drew a contrast with the previous UPA government’s approach to trade negotiations, stating that earlier agreements were often concluded hastily, with India conceding more than it gained. In contrast, he said, the current government’s trade strategy under PM Modi emphasises strategic vision, careful negotiation, and national interest.
In the article, Goyal stated that the India–EU free trade agreement is a historic milestone in Prime Minister Modi’s economic diplomacy. It will generate millions of jobs, create vast opportunities for India’s youth and farmers, and create wealth for nearly 2 billion people who together account for a quarter of the global economy.
The agreement between the world’s second- and fourth-largest economies is among the biggest trade deals ever signed. In fact, it is far more than a trade deal. It represents a comprehensive partnership that fosters cooperation in critical sectors such as artificial intelligence, defence, and semiconductors. The FTA will benefit every region and citizen of India, the article observed.
The FTA ensures rules-based trade and stability in economic policies, making India even more attractive for domestic and foreign investment. This will create numerous opportunities for small businesses, startups, and workers. India has secured unprecedented market access for more than 99 per cent of its exports to the EU by trade value, strongly bolstering the Make in India initiative. The FTA gives a decisive boost to labour-intensive sectors such as textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods, and automobiles, the minister contended.
It will eliminate tariffs of up to 10 per cent on nearly $33 billion worth of Indian exports. The agreement also empowers workers, artisans, women, youth, and MSMEs, while integrating Indian businesses more deeply into global value chains and reinforcing India’s role as a key supplier in global trade.
The deal also eases mobility for businesspersons and professionals and opens new opportunities in services such as education, information technology, financial services, and computers.