- India's trade deals with the US and EU boost global confidence in stability and growth
- India recently signed trade agreements with nine major countries to enhance global ties
- EU-India free trade agreement covers 97% of tariff lines and 99.5% of trade value
India's trade deals with the United States and the European Union gives confidence to the world on global stability, Prime Minister Narendra Modi said on Thursday, while addressing the Rajya Sabha.
"India is signing future-ready trade deals with several countries. In the past few days, we signed trade deals with nine big and important countries of the world," he said.
"Big countries are very eager to have trade relations with India. Be it the trade deal of the European Union or the recent deal with the US... The entire world is openly praising these trade deals. When we signed the trade deal with the EU, the world became more confident about the greater likelihood of global stability. After the trade deal with the US, the world became even more confident that with stability, they can sense a speed too. This is a positive sign for the world," Modi underlined.
Notably, India and the EU announced the finalisation of free trade agreement—dubbed as the "mother of all deals"—on Jan. 27. The FTA grants India preferential access to the European markets across 97% of tariff lines, covering 99.5% of trade value.
Around a week later, on Feb. 2, the much-awaited trade deal with the US was announced. The development resulted in an immediate tariff relief for India, with the levies on Indian exports coming down sharply from 50% to 18%.
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Modi, while addressing the Parliament's Upper House, reiterated that India is poised to emerge as the world's third-largest economy in the near future. He pointed out that the country has established its crucial role in the global economy.
"Today, India is a trusted partner of several nations and we are playing our role towards welfare of the world. Today, the entire world speaks of Global South but as the main character of that discussion, today India has emerged as a strong voice of Global South on global platforms," he said.
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