‘New Chapter In Global Economic Cooperation’: PM Modi Hails India-EU FTA As ‘Mother Of All Deals’ At India Energy Week

New Delhi: Prime Minister Narendra Modi on Tuesday hailed the recently signed India-European Union Free Trade Agreement (FTA) as a landmark global development, calling it the “mother of all deals” and a source of “huge opportunities for crores of people in India and Europe”.

Addressing the nation while inaugurating India Energy Week in Goa via video conferencing, the Prime Minister said the agreement marked a new chapter in global economic cooperation between two of the world’s largest economies.

“Just yesterday, a major trade agreement was signed between India and the European Union. This deal represents coordination between two of the biggest economies of the world and reflects our shared commitment towards trade and growth,” PM Modi said.

Highlighting the scale of the pact, the Prime Minister said the India-EU partnership accounts for nearly 25 per cent of global GDP and one-third of global trade, underlining its far-reaching impact on global supply chains and investment flows.

Calling it a “big development”, PM Modi congratulated the people of India and said the agreement would benefit businesses, workers and consumers across sectors. “This trade will be a benefit for all of us. It will increase the confidence of investors and businessmen to invest in India,” he said.

The PM said the FTA would give a major push to domestic manufacturing while also expanding India’s services sector. “This trade deal with the EU will not only strengthen manufacturing, but will also give a major boost to services sector. The Free Trade Agreement will boost the confidence of every investor,” he added.

The agreement, according to government sources, includes provisions such as India’s advocacy for zero-duty access in key sectors and a phased approach to tariffs, including no tariffs on electric vehicles for the first five years, aimed at balancing market access with domestic industry protection.

PM Modi said the deal would strengthen global trade and supply chains at a time of economic uncertainty. “This agreement represents a shared commitment towards trade and global cooperation,” he said, describing it as an example of how major economies can work together.

Turning to the energy sector, the PM projected confidence about India’s growing refining and downstream capacity. “Soon, we will be number one in the world in the refining sector,” he said, pointing to sustained investments in infrastructure and technology.

Welcoming delegates to Goa, Modi said representatives from nearly 150 countries were participating in India Energy Week, reflecting the forum’s rising global stature. “India Energy Week has rapidly emerged as a global platform for dialogue and action in the energy sector,” he said.

As the world’s fastest-growing major economy, Modi said India’s energy demand would continue to rise, positioning the country as a key partner in meeting global energy needs. He said India now exports refined petroleum products to more than 150 countries.

India Energy Week is expected to host wide-ranging discussions on energy security, refining capacity, clean-energy transitions and long-term strategies to balance economic growth with sustainability, with policymakers and industry leaders from across the globe in attendance.

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