New Delhi — Prime Minister Narendra Modi on Tuesday announced that India and the European Union have reached a long-awaited understanding on a Free Trade Agreement, describing it as a historic milestone and the “mother of all deals” between two of the world’s largest economies.
Speaking at the fourth edition of India Energy Week, which he inaugurated virtually, the Prime Minister said the India-EU FTA stands as a powerful example of deep coordination and cooperation between major global economies. He said the agreement is expected to open vast economic opportunities for India’s 140 crore citizens as well as millions of people across Europe.
Highlighting the scale of the partnership, Modi said India and the European Union together account for nearly 25 percent of global GDP and about one-third of world trade, making the agreement one of the most significant trade pacts globally. He described the deal as a partnership rooted in shared democratic values, adding that it reinforces the commitment of both sides to democracy and the rule of law.
The Prime Minister said the India-EU trade agreement complements the recently concluded India-UK trade deal and agreements with the European Free Trade Association, strengthening manufacturing, services and innovation while boosting India’s position in global supply chains. He noted that these agreements together would reinforce trade resilience and economic integration at a global level.
Emphasising the central role of energy in economic growth, Modi said India Energy Week has evolved into a global platform for dialogue and action. He underlined that as the world’s fastest-growing major economy, India is witnessing a steady rise in energy demand and expanding its footprint in the global energy landscape.
Modi announced that India’s energy sector currently offers investment opportunities worth around USD 500 billion, driven by strong reforms and growing demand. He said India is “riding the reforms express,” with transformative changes underway across multiple sectors.
Outlining plans for the oil and gas sector, the Prime Minister said India aims to become the world’s largest oil refining hub, with refining capacity set to increase from 260 million tonnes to 300 million tonnes. He added that the government is targeting investments of USD 100 billion in the oil and gas sector by the end of this decade.
Calling India a land of opportunity for the energy sector, Modi said the country is well positioned not only to meet its domestic energy needs but also to support global energy demand in the years ahead.
