Prime Minister Narendra Modi on Thursday heaped praise on the historic Free Trade Agreement (FTA) between India and the European Union (EU) and asked traders in India to use the opportunity to take the “best quality” products into the now-open market.
“This is an opportunity. and the 1st mantra of this opportunity is that we focus on quality. Our traders should take the best quality products into the market, now that it is open to us,” PM Modi said as he addressed the media at the Parliament.
He also said that the trade pact was significant for the ambitious youth of India and the vision of ‘atmanirbhar Bharat’ or self-reliant India.
“At the very beginning of this quarter, the India–European Union Free Trade Agreement reflects how bright the coming direction is and how promising the future of India’s youth is. This is free trade for an ambitious India, for aspirational youth, and for a self-reliant India. I am confident that Indian manufacturers, in particular, will use this opportunity to enhance their capabilities,” PM Modi said.
He also said that the deal was a big step towards a confident, competitive and productive India.
The prime minister’s remarks came days after India and the EU announced a trade deal during European Commission President Ursula von der Leyen and European Council President Antonio Costa’s India visit.
The trade pact is being touted as the ‘mother of all’ deals and according to the EU, exports from European countries into India would be doubling as part of the agreement.
The 27-country bloc also said that India has agreed to significantly reduce, and in some cases, eliminate tariffs on many products, including wine, cars, chemicals, precious stones, plastics, pharmaceuticals and more.
This means many products being exported from Europe could get cheaper for Indian consumers. Besides, the EU said it will result on saving of up to €4 billion per year in duties.
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