India and EU: ‘Landmark’ Free Trade Deal, Says Prime Minister Modi
In a major blow to President Trump's tariff policies, India and EU signed a major free trade agreement.
CNBC is reporting, "India and the European Union on Monday closed a 'landmark' free trade agreement, touted as the ‘mother of all deals,’ Indian Prime Minister Narendra Modi said during a speech at the India Energy Week on Tuesday.
The FTA with the EU, which represents about 25% of global GDP and about a third of global trade, will also complement India’s deals with Britain and the European Free Trade Association, Modi said.
“The move is a significant step forward for India’s exports at a time when it is looking to diversify away from the US in the wake of President Donald Trump’s 50% tariffs. At the signing and exchange of the political declaration of the conclusion of negotiations of the India-EU Free Trade Agreement, Modi said, '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...,' reports the Times of India.
PHOTO: Narendra Modi PHOTO GODL Official Fair Use