Prime Minister Narendra Modi announced that India and the European Union (EU) have finalized a free trade agreement (FTA). The Prime Minister described the agreement as the mother of all deals because he considered it to be a fundamental achievement. The Prime Minister made his announcement during a virtual event to open India Energy Week 2026 in Goa on Tuesday.
Opportunities and Economic Impact
- The FTA will create new opportunities for both India and the EU according to Prime Minister Modi. He explained that the agreement demonstrates how both economies work together. The combined economic power of India and the EU accounts for 25 percent of global GDP and one-third of global trade. The deal will increase trade between the two countries while strengthening their dedication to democracy and rule of law according to Prime Minister Modi.
- After Modi made his announcement he met with European Council President Antonio Costa and European Commission President Ursula von der Leyen at the Hyderabad House. The leaders attended the India-EU Summit to discuss trade and cooperation in more detail.
- The India Energy Week 2026 event in Goa has drawn attendees from almost 150 nations. Prime Minister Modi showcased India's energy industry by explaining that the country operates extensive refining facilities which enable it to maintain its status as the second largest refining nation worldwide. The country intends to achieve the first position within that time frame.
- The FTA represents an important milestone for both India-EU economic relations and their shared commitment to international trade.
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