PM Modi says India-EU FTA will strengthen trade and boost manufacturing

Prime Minister Narendra Modi on Tuesday spoke at the India Energy Week about the new India-EU Free Trade Agreement (FTA). He said the agreement complements India’s trade deals with the UK and EFTA and will help boost India’s manufacturing sector and support industries.

PM Modi said India’s energy sector offers USD 500 billion investment opportunities and the country aims to attract USD 100 billion investment in oil and gas by 2030. He added that India is a land of opportunities for energy companies because energy demand is rising continuously.

Speaking about the FTA, PM Modi said, “This agreement will bring major opportunities for people in India and Europe. It is a perfect example of partnership between two major economies. The deal covers 25% of global GDP and one-third of global trade.”

Agreement strengthens democracy and international ties

PM Modi added that the FTA shows a shared commitment to democracy and the rule of law. “This Free Trade Agreement with the European Union also complements Britain and EFTA’s agreements. I congratulate the people of India for this,” he said.

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Earlier in the day, Defence Minister Rajnath Singh welcomed the EU delegation, led by Kaja Kallas, at Raksha Mantralaya in New Delhi. Singh said the visit is significant as it coincides with India’s 75th Republic Day, marking a milestone in India’s constitutional journey.

He highlighted that India and the EU share values of democracy, pluralism, federalism, and rule of law, which form the foundation of their partnership. Singh added, “Together we aim to turn these shared values into practical cooperation for global security, sustainable growth, and inclusive prosperity.”

The India-EU FTA is expected to open new economic opportunities, increase trade, and strengthen partnerships between India and Europe while also supporting investment in India’s energy and manufacturing sectors.