NEW DELHI, Jan 27 (KUNA) -- Indian and European leaders on Tuesday hailed the historic India-European Union Free Trade Agreement as a major milestone and blueprint for shared prosperity.
Indian Prime Minister Narendra Modi said while addressing a joint press meet; with European Commission President Ursula von der Leyen and European Council President Antonio Costa, that the signing of FTA came at a historic moment in India-EU relations.
"Tomorrow was a historic day, as European Union leaders, for the first time, attended India's Republic Day celebration as Chief Guests. Today is another historic day, as the two biggest democratic powers in the world are adding a very important chapter to their relationship," Modi said.
Calling the FTA as a blueprint for shared prosperity, Modi said: "Today, India has concluded the biggest Free Trade Agreement in its history. This agreement will help our farmers and small entrepreneurs, enable greater access to European markets, and deepen cooperation in the services sector." He also hailed the exponential growth in India-EU relations that is rooted in shared democratic values, economic synergy, and strong people-to-people ties.
"Over the past few years, relations between India and the European Union have grown exponentially. Based on the shared values of democracy, economic synergy, and strong people-to-people ties, our bilateral strength has reached new heights. Today, our trade stands at EUR 180 billion, and more than eight lakh Indians are living in EU nations and contributing to their societies," the Indian premier said.
Appreciating the India-EU FTA, President of the European Commission, Ursula Von Der Leyen said that the agreement that she called "mother of deals" will bring together Indian skills, services and scale, with European technology, capital and innovation. "It will create levels of growth which neither side can achieve alone. By combining our strengths, we reduce strategic dependencies at a time when trade is increasingly weaponised," she said. With this FTA both the world's second - and fourth - largest economies are creating a market of two billion people.
"Today, the world's two largest economies and democracies launch their first ever security and defence partnership. This is a landmark departure. And a trust-based platform for cooperation on the strategic issues that matter most," she said.
President of the European Council, Antonio Costa pointed out to the historic trade relations between the two sides. "Trade is a crucial geopolitical stabiliser and the fundamental source of economic growth. Trade agreements reinforce a rules-based economic order and promote shared prosperity," he said.
Before their participation in the 16th India-EU Summit, von der Leyen and Costa took part in the Indian Republic Day celebrations on January 26. Both the European leaders are scheduled to meet other Indian leaders to discuss ways of further cementing bilateral ties. (pickup previous) atk.hb