"European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi have said. In a post on X during her visit to New Delhi on Tuesday, von der Leyen said the two parties were making history today. list of 4 itemsend of list We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit, she added."
"Modi said the landmark agreement, following nearly two decades of on-and-off negotiations, had been reached, hailing its benefits before a meeting with von der Leyen and European Council President Antonio Costa. This deal will bring many opportunities for India's 1.4 billion and many millions of people of the EU, he said. The deal will cover about 25 percent of the global gross domestic product (GDP), Modi said, adding that India will get a boost in sectors including textiles, gems and jewellery, and leather goods."
"It will pave the way for India, the world's most populous nation, to open up its huge, protected market to free trade with the 27-nation EU, its biggest trading partner. The EU views India as an important market for the future, while New Delhi sees Europe as an important potential source of technology and investment. The formal signing of the deal will take place after legal vetting, expected to last five to six months, the Reuters news agency reported."
India and the European Union agreed a trade deal to create a free trade zone encompassing two billion people and roughly 25 percent of global GDP. The agreement opens India’s large, protected market to the 27-nation EU and aims to boost Indian sectors including textiles, gems and jewellery, and leather goods. The pact responds to global trade pressures such as US tariffs and Chinese export controls and seeks to expand market access, technology and investment flows. Legal vetting is expected to last five to six months, with implementation anticipated within a year and EU exports projected to double by 2032.
#euindia-free-trade-deal #free-trade-zone #market-access-and-investment #textiles-gems-and-leather-sectors
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