India-EU FTA sends strong global cooperation message: European Commission chief

European Commission President Ursula von der Leyen on Tuesday (January 27) said that the signing of the India-European Union (EU) free trade agreement sent a strong message that cooperation is the best answer to global challenges.

Her remarks come at a time when the ties between the EU and the US have come under strain due to US President Donald Trump’s repeated statements that the US was keen on gaining control over Greenland.

"When India succeeds, the world is more stable, prosperous and secure, and we all benefit. We did it. We delivered the mother of all deals,” said Leyen, addressing a joint press conference with Prime Minister Narendra Modi and European Council President Antonio Costa.

"The India-EY trade deal is a strong message that cooperation is the best answer to global challenges. This trade will integrate our supply chain and strengthen our joint manufacturing power. It will cut up to 4 billion euros in annual tariffs for exporters of all sizes, and it will create good jobs for millions of workers here in India and in Europe. At the same time, this agreement will build on the natural complementarity of our economies,” she added as quoted by ANI.

‘Deal to bring together Indian skills and Europe's technology’

Leyen further stated that the India-EU free trade agreement would play a key role in bringing together Indian skills, services, and scale with Europe's technology, capital and innovation.

Also Read: India-EU FTA: Tariffs on European cars to be gradually cut to 10 pc from 110 pc

"It will create levels of growth that neither side can achieve alone, and by combining these strengths, we reduce strategic dependencies," she said.

“Europe and India have a long history of cooperation in the defence industry. Now we will enhance this teamwork even further. We are not only making our economies stronger. We are also delivering security for our people in an increasingly insecure world. Today, the world's two largest economies and democracies launched their first-ever security and defence partnership... Europe and India have a long history of cooperation in the defence industry," added the EU leader as quoted by ANI.

‘Clear message to the world’

During the event, the European Council President showed his overseas Indian card while elaborating on how the signing of the negotiations holds a special significance for him.

Also Read: US Commerce Secretary slams India-EU trade deal over Russian oil purchases

"We conclude today our trade negotiations. We relaunched at the latest meeting that I had the pleasure of hosting in May 2021 in my previous capacity. Our summit sends a clear message to the world. At a time when the global order is being fundamentally reshaped, the European Union and India stand together as strategic and reliable partners,” said Costa.

“Today, we are taking our partnership to the next level. As the two largest democracies in the world, we are working hand in hand to deliver concrete benefits for our citizens and to shape a resilient global order that underpins peace and stability, economic growth and sustainable development,” he added.