Mumbai, Jan 27 (IANS) Chief Minister Devendra Fadnavis on Tuesday said that Maharashtra stands to benefit significantly from the historic India-EU Free Trade Agreement.
Key sectors such as textiles and apparel, engineering goods, pharmaceuticals, chemicals, medical devices, automobiles and auto components, base metals, electronics, gems and jewellery are expected to witness accelerated growth, enhanced competitiveness, and expanded access to global markets. Moreover, farmers will also benefit largely, he added.
In his post on X, the Chief Minister said, “The India-EU Free Trade Agreement marks a strategic breakthrough in India’s global trade engagement under the leadership of PM Narendra Modi.
“Referred to as the ‘Mother of all trade deals’, this landmark agreement integrates India with 27 European countries, collectively accounting for nearly 25 per cent of global GDP. The agreement unlocks unprecedented market access for Indian exports, with over 99 per cent of Indian goods receiving preferential entry into the European Union. As a result, exports worth ₹6.41 lakh crore are poised for a major take-off, particularly across labour-intensive sectors such as textiles, leather, marine products, and gems & jewellery.”
In addition, the India-EU FTA opens favourable market access for India’s agricultural and processed food exports, delivering significant benefits to farmers and agri-value chains. A future-ready mobility framework further expands global opportunities for skilled and semi-skilled Indian professionals, strengthening India’s position in the global economy, he remarked.
“A defining step towards deeper international economic cooperation and sustained, trade-led growth, the India-EU Free Trade Agreement reinforces India’s global economic footprint while positioning Maharashtra as a leading driver of export-oriented development,” said the chief minister.
The FTA between India and the EU comes days after the Maharashtra government signed MoUs for investment proposals worth Rs 30 lakh crore during the World Economic Forum (WEF) summit. In addition, the government has held preliminary talks for another investment of Rs 7 to Rs 10 lakh crore for which the government will sign MoUs in the next one or two months.
The chief minister said these investments are from industry, services, Artificial Intelligence data centres, Quantum computing, technology, data centre, semi conductors, healthcare, food processing, renewable energy, green skill, EV, urban transformation, green steel, ship building, sustainability, fintech, digital infrastructure and textiles.
“Of these investments, 83 per cent is Foreign Direct Investment, whole 16 per cent investment is with foreign entities and for foreign technology. Some of these investments are for import substitution. These MoUs are from companies from 18 countries including the US, UK, Switzerland, Sweden, Singapore, Germany, UAE, Norway and Canada among others,” he revealed.
–IANS
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