"A win-win situation for all nations": PM Modi after India inks free trade pact with European bloc

New Delhi: Prime Minister Narendra Modi on Sunday congratulated the negotiators and signatories on the signing of the Trade and Economic Participation Agreement (TEPA) between India and the European Free Trade Association (EFTA), saying that despite structural diversities in many aspects, "our economies possess complementarities that promise to be a win-win situation for all nations".
India signed the Free Trade Agreement with the four-nation EFTA bloc on Sunday.
Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement in the national capital on Sunday.
PM Modi, in a letter, said March 10, 2024, marks a new turn and a watershed moment in the bilateral relationship between India and the EFTA countries of Switzerland, Norway, Iceland and Liechtenstein.
"Heartiest congratulations and best wishes to the negotiators and signatories involved in the signing of the India-EFTA Trade and Economic Participation Agreement (TEPA)," he wrote.
PM Modi also commended the culmination of efforts to finalise an innovative, well-balanced trade deal that reflects our respective developmental aspirations
Calling it one of the most pioneering free trade agreements ever concluded between our countries, PM Modi wrote, "TEPA emphasises our steadfast commitment to shared prosperity and our drive to cultivate a stronger, more inclusive partnership between India and EFTA, furthering the aspirations of our people."
"Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations," he added.
Further, in his congratulatory letter, PM Modi added that with the opening up of enormous trading and investment opportunities, India has reached a new level of trust and ambition.
"The trade agreement symbolizes our shared commitment to open, fair, and equitable trade, as well as generating growth and employment for the youth," PM Modi added.
He noted that in the last 10 years, India's economy has taken a quantum leap, moving from being the world's 11th-largest economy to the 5th-largest.
Detailing his 'next goal', PM Modi said, "Our next goal is to make India's economy the third largest economy in the world."
"We have enhanced the ease of doing business, through wide-ranging reforms, which has helped our nation touch new heights in business, manufacturing and exports," PM Modi stated, adding, "The global leadership of EFTA countries in innovation and R&D across diverse spheres such as digital trade, banking and financial services, transport and logistics, industrial machinery, bio-technology, pharmaceuticals, chemicals, food processing and clean energy, will open up new doors of collaboration."
He assured that India will extend support to EFTA countries and facilitate industry and businesses.
"India will extend all possible support to EFTA countries and facilitate industry and businesses, not only to achieve the committed targets, but also to go beyond them," he said, adding, "May this agreement mark the beginning of a new chapter in the journey of our nations toward a more prosperous future for us all."