India and European Union have closed a 'landmark - mother of all' free trade deal after two decades of negotiations. This is the first time, India opens its domestic sectors.
With the talks between the two sides having been on and off since 2007, the pact comes at an ideal moment as India and EU battle steep tariffs from the U.S. on one hand and cheap goods from China on other hand.
Prime Minister Modi says congratulates everyone - The agreement will forge a market of 2 billion people at a time when trade ties are being tested amid rising geopolitical tensions with nonstop tariffs threat.
"I congratulate our colleagues associated with every sector, such as textiles, gems and Jewelry, leather and shoes. This deal will prove to be very supportive to these sectors.”
EU trade chief Maros Sefcovic - “This is again something where also India is making groundbreaking steps to new levels of cooperation, because we are the first one with whom they’re ready to consider this cooperation. This would be a very good story for our agriculture sector. I believe we are aiming to start a completely new chapter in the field of cooperation in the automotive sector, in machinery”
