First, I want to express my deep appreciation to India, its people, and its political leadership for their warm hospitality.
It was an honour to participate as a guest at Republic Day – witnessing, from the front row, a nation united by pride, shared destiny, and hope.
I could not imagine a more fitting moment to strengthen our partnership.
Today is a truly significant day – for our global partnership, and for trade at its very core.
The free trade agreement we have concluded has a clear and shared purpose – to boost growth and competitiveness in both our economies, not at each others expense, but to our mutual benefit.
The scale of this agreement is immediately evident. Together, we are creating a market of nearly two billion people. But its significance goes far beyond numbers.
At a time of rising geopolitical tensions and global economic uncertainty, we are making a deliberate choice – openness over protectionism, cooperation over fragmentation, and rules-based trade over unpredictability. That choice matters.
We are building on an already strong foundation, with more than 180 billion euros in annual trade between us.
This agreement will take that relationship to an entirely new level – with an impact that is massive, measurable, and felt across the board.
Over the next decade, tariffs will be eliminated or significantly reduced on more than 96 percent of EU goods exports. This alone is expected to double EU exports to India by 2032 and save European companies around 4 billion euros every year in duties.
Indian businesses stand to benefit just as clearly, as 99 percent of trade to the EU will be liberalised, creating new opportunities across Indias economy.
For instance, tariffs on key industrial sectors – including cars, machinery, chemicals and pharmaceuticals – will be largely eliminated, integrating and strengthening our supply chains, ultimately boosting competitiveness on both sides.
Similarly, new opportunities will open for our respective agri-food producers, while sensitive sectors on both sides remain fully protected.
I am confident that all of this will translate into more jobs. Today, our economic relationship supports nearly 800,000 jobs in the EU.
At the same time, the European Union is already part of Indias success story. Around 6,000 EU companies operating in India create 3.7 million direct jobs here – and many more along the value chain.
Together, these companies generated around 186 billion euros in turnover in 2024 alone, about 5 percent of Indias economy. They account for 6 percent of Indias exports and contribute over 7 billion euros in taxes.
But again, the partnership runs both ways – Indian companies are increasingly investing, expanding and creating value across the EU.
So, today is just the beginning. Imagine what an EU-India Free Trade Agreement can deliver for the decades ahead — more trade, more investment, more jobs with income and opportunity for Indian and EU communities alike.
To conclude, this agreement proves something both simple and powerful – that win-win trade is real, that perseverance pays off, and that genuine partnership, like with Minister Piyush Goyal, is always worth the effort.
Our focus now is clear – turning this agreement into daily reality, and ensuring that businesses, farmers, and consumers on both sides reap its benefits as quickly as possible.