‘Biggest free trade agreement in India’s history finalised today,’ says PM Modi after India-EU summit — Who said what

The India-European free trade agreement — described by European Commission President Ursula von der Leyen as ‘the mother of all trade deals’ — has been finalised, Prime Minister Narendra Modi said on Tuesday.

The representatives from two sides signed a political declaration to that effect with visiting President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen in presence.

Union Minister Piyush Goyal represented India during the signing of the political declaration on the conclusion of the talks about the Free Trade Agreement (FTA).

"Today, India has finalised 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," Prime Minister Narendra Modi said at the conclusion of 16th India-EU Summit at Hyderabad House in the national capital.

Prime Minister Modi said agreement will provide Indian farmers and industries with greater access to European markets.

"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," he said during the press statements.

Speaking after Prime Minister Modi, President of the European Council, António Luís Santos da Costa said that trade had flowed down two continents calling 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,” he said adding, "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."

European Commission President Ursula von der Leyen said India and the EU have decided to be reliable partners, after she thanked leaders in India and heaped praise on the FTA signed. “We have delivered the mother of all deals,” she said.