India and EU sign landmark free trade agreement
The India-EU FTA was announced January 27 and is billed by leaders as a deal covering about 25 percent of global GDP and creating a free trade zone of roughly two billion people.
- India and the European Union formally signed a free trade agreement announced on January 27.
- Prime Minister Narendra Modi said the deal covers 25 percent of global GDP and one third of world trade.
- European Commission President Ursula von der Leyen called it a creation of a free trade zone of about two billion people.
- Leaders said the agreement will boost manufacturing, services and sectors such as textiles, gems and jewellery, leather and shoes.
- Modi said the FTA will strengthen supply chains and complement Britain and EFTA trade pacts.
- The agreement is expected to increase investor confidence in India and open investment opportunities in energy, with a stated aim to raise oil and gas investment to 100 billion dollars by the end of the decade.