'Two Major Democratic Powers Are Adding Decisive Chapter': PM Modi After India, EU Conclude 'Mother Of All Deals', Calls It 'Blueprint Of Prosperity'

New Delhi: Prime Minister Narendra Modi on Tuesday (January 27) lauded the conclusion of the historic deal between India and the European Union (EU). The Prime Minister said that the two major democracies of the world are adding a “decisive chapter” in their relationship.

“Yesterday was a historic moment when the European Union leaders took part in India’s Republic Day celebrations for the first time. Today is another such moment, when two major democratic powers are adding a decisive chapter in their relationship,” the Prime Minister said.

Talking about the key highlights of the “mother of all deals”, PM Modi said the deal would boost investment and supply chains.

“Today, India has concluded the biggest Free Trade Agreement in its history. On 27th January, India signed this FTA with 27 European nations... This will boost investment, form new innovation partnerships and strengthen supply chains at the global level... This is not just a trade agreement, it is a blueprint for shared prosperity,” the Prime Minister stated.

“We are launching an ambitious and holistic strategic agenda for the next five years. In this complex global environment, this agenda will provide clear direction, advance our shared prosperity, accelerate innovation, strengthen defence cooperation and deepen people-to-people ties,” he added. The PM said that the partnership of India and the EU is for “global good” and highlighted that the deal would strengthen stability in the international system.

“We will advance trilateral projects from the Indo-Pacific to the Caribbean. Together, we will establish the IMEC corridor as an important link for global trade and sustainable development. There is turmoil in the global order; in this condition, India-EU cooperation will strengthen stability in the international system. We discussed many global issues, including Ukraine,” the Prime Minister said.

“We share the opinion that global institutional reforms are very necessary today. This is the moment when we are starting a new chapter in our relationship between India and the EU,” he further added.

Reacting to the conclusion of the deal, President of the European Council Antonio Costa said that India is the world’s fastest-growing major economy. “Trade has flowed between our two continents for centuries. 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. That’s why today’s free trade agreement is of historic importance. One of the most ambitious agreements ever concluded, creating a market of 2 billion people,” Costa stated.

He added that the European Union and India share the responsibility to uphold international law with the United Nations Charter at its core.

Meanwhile, European Commission President Ursula von der Leyen praised PM Modi for concluding the deal.

She stated that the deal is a tale of two giants, who will choose partnership in a “win-win” situation.