Lucknow (Uttar Pradesh) [India], January 27 (ANI): Uttar Pradesh Chief Minister Yogi Adityanath hailed the conclusion of negotiations for a Free Trade Agreement (FTA) between India and the European Union, describing the development as a 'historic leap' in India's global economic journey.

In a post on X, the Chief Minister said that this strategic pact unlocks export potential worth nearly Rs 6.41 lakh crore for labour-intensive sectors.

He further stated that the trade deal has become a blueprint for shared prosperity and a stronger, 'atmanirbhar' India.

'Under the visionary leadership of PM Narendra Modi, the India-EU Free Trade Agreement marks a historic leap in India's global economic journey. This strategic pact integrates India with 27 European nations and ensures preferential market access for over 99 per cent of Indian goods, unlocking export potential worth nearly 6.41 lakh crore, especially for labour-intensive sectors,' said CM Yogi.

'By empowering farmers, strengthening MSMEs, boosting manufacturing and services, and expanding opportunities for skilled professionals, this agreement becomes a blueprint for shared prosperity and a stronger, self-reliant India,' added CM Yogi.

Earlier, India and the European Union (EU) announced the conclusion of negotiations for a Free Trade Agreement (FTA), an important milestone in one of India's most strategic economic partnerships. Designed as a modern, rules-based trade partnership, the FTA responds to contemporary global challenges while enabling deeper market integration between the world's fourth and second largest economies.

With a combined market estimated at over Rs 2091.6 Lakh Crore (USD 24 trillion), it brings 'unparalleled opportunities for the 2 billion people of India and the EU'. The FTA unlocks significant potential for trade and innovation and delivers unprecedented market access for more than 99% of India's exports by trade value, while preserving policy space for sensitive sectors and reinforcing India's developmental priorities.

This agreement holds huge significance for India, as India has gained preferential access to the European markets across 97 per cent of tariff lines, covering 99.5per cent of trade value. Under this agreement, 70.4 per cent of tariff lines covering 90.7 per cent of India's exports will have immediate duty elimination for important labour-intensive sectors such as textiles, leather and footwear, tea, coffee, spices, sports goods, toys, gems and jewellery, and certain marine products, amongst others.

Additionally, 20.3 per cent tariff lines covering 2.9per cent of India's exports will have zero-duty access over 3 and 5 years for certain marine products, processed food items, arms and ammunition, among others. (ANI)