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What is the story about?
Endorsed as “the mother of all deals", India and the European Union are all set to sign the long-awaited free trade agreement during the EU-India summit, which will be hosted by Prime Minister Narendra Modi in New Delhi on Tuesday (January 27).
Ahead of the summit, European Council president Antonio Costa reinforced that sentiment by not only calling the free trade agreement (FTA) the “largest in the world" but an “important geopolitical stabiliser".
Endorsed as “the mother of all deals", India and the European Union are all set to sign the long-awaited free trade agreement during the EU-India summit, which will be hosted by Prime Minister Narendra Modi in New Delhi on Tuesday (January 27).
Ahead of the summit, European Council president Antonio Costa reinforced that sentiment by not only calling the free trade agreement (FTA) the “largest in the world" but an “important geopolitical stabiliser".
Decoding the all-important FTA between India and the EU, he said it is a “strong and important message to the world". The deal is expected to reinforce strategic partnership and deepen cooperation between the two sides.
“The EU and India believe more in a trade agreement than tariffs. We believe in free trade, which boosts the economy and creates jobs and promotes prosperity," he said. “It is very important to boost our economy and a very important geopolitical stabiliser. Two largest economies…two largest democracies holding rules-based world order. We need to create predictability… we provide predictability in relationship."
Highlighting that this deal is a “great chance" for India and European countries, Costa further noted that the agreement is not only important for security and defence but also from an economic point of view. He said it will create opportunities for Indian companies to enter the European market, even as the pact focuses on maritime security cooperation to create safe shipping supply lines.
Also Read: Why gold climbed to an all-time high today
“The security and defence agreement is important from the economic point of view with the possibility for Indian companies to enter European markets. We are working to increase defence capabilities. Our cooperation will focus on maritime security as it is very important for us and for India to have safe shipping lines," he said.
Noting India’s tableau display on renewable energy at the Republic Day parade, he also explained how the EU’s Carbon Border Adjustment Mechanism (CBAM) is in place to accelerate energy transition and reach a common goal under the Paris Agreement.
“India is committed to the Paris Agreement. We want India to cooperate on energy transition. One of the tableaux was about renewable energy. India’s commitment to the Paris Agreement is a great commitment," he said.
‘WE’RE FULLY SUPPORTING DENMARK, GREENLAND’
Amid the tensions borne out of US President Donald Trump’s “takeover" threats against Greenland, Costa underlined the EU’s belief in sovereignty and territorial integrity.
He said Denmark and Greenland have the full support of the EU, even as Trump’s statements have caused an uncomfortable stir in the western military alliance of NATO, which heavily relies on US firepower.
“Europe and the EU are strong, and supporters of the UN Charter…that’s why we are supporting Ukraine so strongly. We cannot allow any permanent member of the UN Charter to violate it. Greenland is part of the Kingdom of Denmark, and only Denmark and Greenland can decide their future. We are fully supporting Denmark and Greenland," he said.
The European Council chief said while Arctic security is an area of concern, NATO is there to defend Greenland that is open to negotiation with the US. But, he said, if the matter is about territorial expansion, then it cannot be helped.
“We need to continue to support Ukraine and to put our pressure on Russia to accept a ceasefire and just and lasting peace. We are supporting all peace efforts. What we are seeing is Russia is refusing to accept the peace agreement and thousands are dying every day," he added.
‘IMPORTANT HOW LARGEST DEMOCRACY PRESERVES DIVERSITY’
Costa, who is of Indian origin, lauded India for its cultural diversity that he said he got to experience during the Republic Day parade that he attended alongside European Commission president Ursula von der Leyen and Prime Minister Modi.
He said it is important to see how India, as the largest democracy in the world, has preserved its diversity. He also spoke about his Indian connection, saying his father grew up in Goa.
“It was great fun to be at the parade for Ursula (von der Leyen). As a person of Indian origin, it is special for me. All my father’s family is Indian. My father grew up in Goa. This parade is very impressive. It not only showcases its military but also how culturally diverse India is. It is very important to see how the largest democracy preserves diversity," he added.
Ahead of the summit, European Council president Antonio Costa reinforced that sentiment by not only calling the free trade agreement (FTA) the “largest in the world" but an “important geopolitical stabiliser".
Endorsed as “the mother of all deals", India and the European Union are all set to sign the long-awaited free trade agreement during the EU-India summit, which will be hosted by Prime Minister Narendra Modi in New Delhi on Tuesday (January 27).
Ahead of the summit, European Council president Antonio Costa reinforced that sentiment by not only calling the free trade agreement (FTA) the “largest in the world" but an “important geopolitical stabiliser".
Decoding the all-important FTA between India and the EU, he said it is a “strong and important message to the world". The deal is expected to reinforce strategic partnership and deepen cooperation between the two sides.
“The EU and India believe more in a trade agreement than tariffs. We believe in free trade, which boosts the economy and creates jobs and promotes prosperity," he said. “It is very important to boost our economy and a very important geopolitical stabiliser. Two largest economies…two largest democracies holding rules-based world order. We need to create predictability… we provide predictability in relationship."
Highlighting that this deal is a “great chance" for India and European countries, Costa further noted that the agreement is not only important for security and defence but also from an economic point of view. He said it will create opportunities for Indian companies to enter the European market, even as the pact focuses on maritime security cooperation to create safe shipping supply lines.
Also Read: Why gold climbed to an all-time high today
“The security and defence agreement is important from the economic point of view with the possibility for Indian companies to enter European markets. We are working to increase defence capabilities. Our cooperation will focus on maritime security as it is very important for us and for India to have safe shipping lines," he said.
Noting India’s tableau display on renewable energy at the Republic Day parade, he also explained how the EU’s Carbon Border Adjustment Mechanism (CBAM) is in place to accelerate energy transition and reach a common goal under the Paris Agreement.
“India is committed to the Paris Agreement. We want India to cooperate on energy transition. One of the tableaux was about renewable energy. India’s commitment to the Paris Agreement is a great commitment," he said.
‘WE’RE FULLY SUPPORTING DENMARK, GREENLAND’
Amid the tensions borne out of US President Donald Trump’s “takeover" threats against Greenland, Costa underlined the EU’s belief in sovereignty and territorial integrity.
He said Denmark and Greenland have the full support of the EU, even as Trump’s statements have caused an uncomfortable stir in the western military alliance of NATO, which heavily relies on US firepower.
“Europe and the EU are strong, and supporters of the UN Charter…that’s why we are supporting Ukraine so strongly. We cannot allow any permanent member of the UN Charter to violate it. Greenland is part of the Kingdom of Denmark, and only Denmark and Greenland can decide their future. We are fully supporting Denmark and Greenland," he said.
The European Council chief said while Arctic security is an area of concern, NATO is there to defend Greenland that is open to negotiation with the US. But, he said, if the matter is about territorial expansion, then it cannot be helped.
“We need to continue to support Ukraine and to put our pressure on Russia to accept a ceasefire and just and lasting peace. We are supporting all peace efforts. What we are seeing is Russia is refusing to accept the peace agreement and thousands are dying every day," he added.
‘IMPORTANT HOW LARGEST DEMOCRACY PRESERVES DIVERSITY’
Costa, who is of Indian origin, lauded India for its cultural diversity that he said he got to experience during the Republic Day parade that he attended alongside European Commission president Ursula von der Leyen and Prime Minister Modi.
He said it is important to see how India, as the largest democracy in the world, has preserved its diversity. He also spoke about his Indian connection, saying his father grew up in Goa.
“It was great fun to be at the parade for Ursula (von der Leyen). As a person of Indian origin, it is special for me. All my father’s family is Indian. My father grew up in Goa. This parade is very impressive. It not only showcases its military but also how culturally diverse India is. It is very important to see how the largest democracy preserves diversity," he added.
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