Modi highlights role in ‘stability to world order’ as India-EU lock mega FTA | Key points

India-EU trade deal LIVE: PM Modi hailed the beginning of a “new era” as addressed the media after the signing of the historic Free Trade Agreement between India and the US.

India-EU trade deal LIVE: The political declaration of the conclusion of negotiations of the India-EU Free Trade Agreement, the administrative arrangement on cooperation and disaster risk management and the exchange of documents on the constitution of a green hydrogen task force, MoU between the Reserve Bank of India and the European Securities and Market Authority and the Administrative Arrangement on Advanced Electronic Seals and Signatures, were among some key declarations signed in New Delhi.

India-EU trade deal LIVE: Prime Minister Narendra Modi noted a coincidence as he said that India signed a FTA with the European Union, a 27-nation bloc, on January 27.

India-EU trade deal LIVE: Prime Minister Narendra Modi welcomed European leaders Ursula Von der Leyen and Antonio Costa as he began his address for the media.

India-EU trade deal LIVE updates: The EU said that India would reduce tariffs on several daily-use items it imports from Europe. It also said that the tariffs would be cut down to zero in some cases. Here's a list of those products:

• Olive Oil, margarine and other vegetable oils
• Fruit juices and non-alcoholic beer
• Sheep meat
• Processed food (breads, pastries, biscuits, pasta, chocolate, pet food)

India-EU trade deal LIVE: Under the free trade agreement, India will grant tariff reduction on imports of cars from Europe, reducing duties from 110% to 10% with a quota of 250,000 vehicles a year, the EU said in a release. Read full story here.

India-EU trade deal LIVE: According to the European Union, India has agreed to cut down and in some cases eliminate tariffs on several products that it imports from European countries.

With the duties on imports reduced, consumers in India could get these products at cheaper rate. A list:

Wine

Spirits

Beer

Olive oil, margarine and other vegetable oils

Kiwis and pears

Fruit juices and non-alcoholic beer

Processed food (breads, pastries, biscuits, pasta, chocolate, pet food)

Sheep meat

Sausages and other meat preparations

India-EU trade deal LIVE: The European Union has said that the historic trade pact with India would save the bloc at least €4 billion every year, a development likely a cause of the big drop in import duties by India.

Besides, the EU said that the deal would be a competitive advantage for EU exporters.

India-EU trade deal LIVE: During a press briefing on the trade pact with India, the EU delegation said that New Delhi would cut down tariffs on several items exported to the country, benefiting Europe's agri-food sectors.

Wine

Spirits

Beer

Olive oil, margarine and other vegetable oils

Kiwis and pears

Fruit juices and non-alcoholic beer

Processed food (breads, pastries, biscuits, pasta, chocolate, pet food)

Sheep meat

Sausages and other meat preparations

India-EU trade deal LIVE: The European Union has said that it would double its exports to India as part of the Free Trade Agreement (FTA) signed with the country. When asked about how the EU could benefit from the pact, the bloc said that it would enhance access to India's services market, particularly in financial services, maritime services, and other key sectors.

India-EU trade deal LIVE: The European Union has said that as part of the free trade agreement, India has agreed to reduce or eliminate tariffs on 96.6% of EU goods exported out, news agency Reuters reported.

India-EU trade deal LIVE: European Commission President Ursula von der Leyen heaped praise on the trade pact signed between India and the European Union and said it would create a free trade zone of two billion people, with both sides set to benefit.

India-EU trade deal LIVE: Hailing the historic trade deal between the European Union and India, European Commission President Ursula von der Leyen said that “Europe and India are making history today”.

“We have created a free trade zone of two billion people, with both sides set to benefit. This is only the beginning. We will grow our strategic relationship to be even stronger,” she further wrote on X.

India-EU trade deal LIVE: Among the many benefits of the India-EU trade deal is the big boost that India’s exporters would receive. A person familiar with the matter earlier told HT that exporters who face tough competition from duty-free and quota-free shipments from least developed countries such as Bangladesh would see some relief.

“Once the proposed FTA is implemented, this duty disadvantage will end,” the earlier report quoted one person familiar with the matter as saying.

India-EU trade deal LIVE: The Free Trade Agreement (FTA) signed between India and the US could potentially remove tariff and non-tariff barriers on more than 90 per cent of Indian goods, HT reported earlier.

Indian sectors that could benefit the most from this possible relief are textiles, leather, chemicals, electronics and jewellery.

India-EU trade deal LIVE updates: The free trade agreement signed between India and the US is considered historic and is even being branded the “mother of all deals”, a term PM Modi also used on Tuesday.

As reported by HT earlier, the deal would represent 25 per cent of the world’s gross domestic product and integrate a market of over 1.9 billion consumers.

Negotiations that were relaunched in June 2022 were brought to a close and India and the EU locked a trade deal, as confirmed by PM Modi today.

India-EU trade deal LIVE: Weighing in on the conclusion of negotiations between India and the EU, defence minister Rajnath Singh said that the signing of the technology and defence partnership between India and the European Union marks a significant step in bringing the two sides closer.

He met a European delegation in New Delhi today and thanked them for visiting India as it celebrates the 77th Republic Day. "The occasion marks a milestone in the celebration of India's constitutional journey and the reaffirmation of our commitment to global peace and security," Singh was quoted as saying by news agency ANI.

India-EU trade deal LIVE: The free trade agreement with the European Union could come as big boost to Indian exporters who have been impacted by the 50% tariffs imposed by US President Donald Trump. According to PM Modi, the deal reflects 25% of the global GDP and could benefit manufacturers and the services staff in India.

Signing and finalisation of the deal marks a major milestone in India’s trade diplomacy and can deepen economic ties with one of the world’s largest trading blocs.

India-EU trade deal LIVE: PM Modi on Tuesday congratulated India for signing a trade pact with the EU and said that the deal would complement Britain and EFTA's agreements.

India-EU trade deal LIVE: PM Modi has said that the newly-signed trade deal between India and the EU will give a big boost to manufacturing and the services sector.

“The Free Trade Agreement will boost the confidence of every investor and businessman to invest in India...,” PM Modi said.

India-EU trade deal LIVE: Prime Minister Narendra Modi lauded the signing of the free trade agreement between India and the European Union and said that the deal represented “25 per cent of the global GDP and 1/3rd of global trade”.

India-EU trade deal LIVE: Confirming that a trade deal was signed between India and the EU on Monday, PM Modi said that the step reflects the “perfect example of a partnership” between two major economies.

India-EU Summit LIVE: Prime Minister Narendra Modi on Tuesday confirmed that India and the EU have signed an agreement, one he hailed as the “mother of all deals”.

“Yesterday a big agreement was signed between the European Union and India. People are calling this the mother of all deals. This agreement will bring major opportunities for the public in India and Europe. This is a perfect example of a partnership between two major economies of the world...This agreement represents 25 per cent of the global GDP and 1/3rd of global trade,” PM Modi said.

India-EU Summit LIVE: The signing of the Security and Defence Partnership is a milestone, said Vice-President of the European Commission, Kaja Kallas, as a European delegation met Defence Minister Rajnath Singh and chief of the Indian tri-services on Tuesday.

“The signing of the Security and Defence Partnership is a milestone, and we can build on that. There is so much more we can work together on in the multilateral fora, as well as bilaterally, to further develop defence cooperation. I really look forward to our discussions today and further cooperation in the future,” Kallas said.

India-EU Summit LIVE: Ahead of the 16th India-EU Summit scheduled for later today, several members of the European Commission met Defence Minister Rajnath Singh in New Delhi.

“Thank you very much for welcoming us and yesterday, Republic Day was quite an experience. Thank you for that as well...It was a proud moment to see that our operations were also a part of this parade,” said Vice-President of the European Commission, Kaja Kallas, at the meeting.