EU-India Landmark Trade Deal Signals New Strategic Partnership Era, Says President Costa
In a historic move set to reshape global economic ties, the European Union and India have signed a comprehensive free trade agreement. European Council President António Costa, speaking exclusively to Euronews in New Delhi, declared the pact inaugurates a “new era of strategic partnership” that extends far beyond commerce.
A Deal of Economic and Geopolitical Significance
The agreement, finalized during a high-level summit, will phase out tariffs on a vast range of goods—from European automobiles, machinery, and wines to Indian pharmaceuticals and services. It is projected to save EU companies an estimated €4 billion annually in customs duties and significantly boost bilateral trade over the next decade.
President Costa emphasized the broader message: “The value of this trade agreement is not only economic.” He framed it as a powerful statement from the world’s two largest democracies in favor of predictable cooperation over protectionism and confrontation in a volatile, multi-polar world.
Building Predictability in Uncertain Times
Costa highlighted that the deal provides crucial stability for businesses and citizens amid global trade tensions. While negotiations spanned years, the current climate of tariff threats and geopolitical competition underscored the need for reliable, rules-based frameworks.
Beyond tariffs, the summit laid groundwork for deeper cooperation in security, defense, climate action, and people-to-people ties. Costa, who showcased his personal connection via his Overseas Citizen of India (OCI) card from Goa, stated the pact exemplifies how historical and cultural links can strengthen modern diplomatic alliances.
A Blueprint for Future Cooperation
The agreement now enters a legal review before ratification by the European Parliament, EU member states, and Indian authorities. Its implementation will be phased in over several years.
Costa concluded that the pact is a blueprint for how partnerships rooted in shared democratic values and mutual respect can deliver tangible economic and political benefits. As the world watches, the EU-India deal stands as a landmark model for strategic cooperation in an age of uncertainty, signaling a durable alignment between two major global powers.
