New Delhi. Finance Minister Nirmala Sitharaman on Tuesday described India’s free trade agreement (FTA) with the European Union (EU) as an important moment, saying it will create more opportunities for Indian citizens.

“This is indeed a milestone. This mutually beneficial agreement will create more opportunities for the people of our country,” Sitharaman wrote in a post on social media platform X. He thanked Prime Minister Narendra Modi for his leadership and guidance and appreciated the tireless work of the negotiation team led by Commerce and Industry Minister Piyush Goyal.

Giving information about this agreement in a joint statement after the 16th India-EU Summit with European Council President Antonio Costa and European Commission President Ursula Van der Leyen at Hyderabad House here, PM Modi said, “Today India has concluded the largest free trade agreement in its history. Today is the 27th and it is a happy coincidence that on this day India is signing this free trade agreement with 27 countries of the European Union. This is not just a trade agreement. This is a new blueprint for shared prosperity.”

Sitharaman wrote in another post that this FTA is in line with the changing global supply chains and emerging economic realities and establishes India as a reliable and forward-looking economic partner. It integrates India with 27 countries, opening up access to a $20 trillion market and unlimited growth potential in one of the world’s most sophisticated consumer bases.