India, EU seal landmark free trade pact signed, covers 25% of global GDP: Modi

New Delhi, Jan 27: Prime Minister Narendra Modi, on Tuesday, announced the signing of the India-EU Free Trade Agreement (FTA), saying it accounts for 25% of global GDP and one-third of global trade.

Addressing the Indian Energy Week virtually, Modi congratulated all on the EU-India trade deal and said, "I am informing you about a big development - a significant agreement was signed between India and Europe yesterday (Monday)."

The Prime Minister suggested that the free trade agreement with the EU will complement agreements with Britain and the European Free Trade Association (EFTA).

This will strengthen both global trade and the supply chain. Modi congratulated the youth and all colleagues associated with sectors such as textiles, gems and jewellery, leather, and shoes.

“The agreement will prove very helpful for you,” he said, adding that it will not only boost manufacturing in India but will also further expand the services sector.

"This free trade agreement will strengthen confidence in India for every business and every investor in the world. India is working extensively on global partnerships in all sectors," he said.

People are discussing it as a "mother of all deals", and this agreement has brought a lot of opportunities for 140 crore Indians and crores of Europeans, he said.

"This is an excellent example of coordination between two economies of the world. This agreement represents 25% of the global GDP and one third of the global trade," he said.

He further added that India's energy sector offers USD 500 billion investment opportunities and urged global investors to invest in the country.

"India is a land of opportunities for the energy sector as demand is continuously increasing; India will soon become the world's largest oil refining hub,” he added.

The Prime Minister said the nation is targeting USD 100 billion investments in the oil and gas sector by 2030, and the oil refining capacity will be expanded from 260 million tonnes per annum to 300 MTPA.

He said that India is riding the reforms express and undertaking reforms across sectors.

PTI