New Delhi: Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa announced the India-European Union Free Trade Agreement on Tuesday.
On this occasion, European Council President Antonio Luís Santos da Costa said, “India is one of the world’s fastest-growing major economies. Trade between our two continents has existed for centuries. Trade is a crucial geopolitical stabilizer and a fundamental source of economic growth. Trade agreements strengthen the rules-based economic order and promote shared prosperity. That is why today’s Free Trade Agreement is historically significant. It is one of the most ambitious agreements to date, creating a market of 2 billion people.”
He further added, “As the world’s largest democracy and champions of multilateralism, the European Union and India have a responsibility to uphold international law, respecting the United Nations Charter. This morning, President Ursula and I had the opportunity to pay tribute to Mahatma Gandhi. I reflected on his words, which remain true today. And I said that peace will not come from the clash of arms, but from the justice achieved and practiced by unarmed nations facing difficulties. The European Council President further stated, “In a multipolar world, the European Union and India are working together to expand areas of prosperity, but prosperity does not exist without security. Let us strengthen our cooperation to better protect our citizens and our shared interests, working together to address all types of security threats we face in the Indo-Pacific, Europe, and around the world. Let us reach a new level of strategic trust between us. This is the significance of our agreement on security and defense partnership. This is the first major defense and security framework established between India and the European Union.”
