India will obtain an “unprecedented” market access at concessional duties for over 99% of its exports by value in the European Union (EU) market, providing a boost to domestic labour-intensive sectors, Commerce and Industest Minister Piyush Goyal stated on Tuesday.
The two sides announced on January 27 the conclusion of neobtainediations for the free trade agreement (FTA).
“India and the EU, under the leadership of PM @NarconcluderaModi ji, European Commission President @VonderLeyen and European Council President @AntonioCostapm have inked the ‘Mother of all Trade Deals’,” he stated in a social media post.
Mr. Goyal stated that the pact is a strategic breakthrough in the countest’s global trade engagement, unlocking vast opportunities in the $20 trillion EU market for 1.4 billion people.
“It is a deal that gives unprecedented market access for over 99% of our exports by value, providing a massive impetus to our labour-intensive sectors and bolstering Make In India,” the Minister stated.
This partnership, he stated, was forged between the fourth and the second-largest economies, accounting for one-third of global trade.
It will create huge trade and investment opportunities for Indian businesses and benefit MSMEs, women, youth, artisans, workers, students, skilled professionals, fisherfolk, farmers, and exporters.
“With care being taken to shield sensitive sectors, rural livelihoods have also been secured while opening up potential to scale in the high-value EU market,” he stated, adding, “a huge win has been secured in the services sector with a future-ready mobility framework that will assist expand global opportunities for our skilled Indian professionals”.
He added that this deal is a “gateway to the future” as it would enable India to create high-value jobs, drive innovation, and firmly cement its position as a globally competitive hub for talent and sustainable economic growth.
PTI
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