New Delhi [India], January 27 (ANI): India and the EU finalizing FTA and agreeing to key initiatives across several domains is a statement of deep partnership and the strategic intent of the two sides coming together in a multitude of areas to strengthen partnership, Union Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said the announcements go beyond the huge potential of the Free Trade Agreement.

'I'd like to begin by congratulating 1.4 billion brothers and sisters in India. This visit is extraordinary. It goes far beyond a Free Trade Agreement. It goes far beyond the humongous potential that is being unlocked with the Free Trade Agreement. It is truly a statement of deep partnership and the strategic intent of the European Union and India coming together in a multitude of areas to strengthen our partnership, to work together for the shared prosperity and a better future for one third of humanity,' Goyal said at a joint press conference, which was also addressed by Foreign Secretary Vikram Misri.

'It is a reflection that when 25% of global trade decides to strengthen the strategic partnership, including with the free trade agreement, it unlocks the doors to defence cooperation, greater investments, to cooperation in the field of innovation and science to further integration of financial markets,' he added.

Prime Minister Narendra Modi along with European Council President Antonio Costa and European Commission President Ursula von der Leyen co-chaired the 16th India-EU Summit here on Tuesday. The leaders underlined their commitment to raise the India-EU Strategic Partnership to a higher level based on shared values and principles, including democracy, human rights, pluralism, rule of law, and the rules-based international order with the UN at its core.

The Summit took place against the backdrop of the positive momentum in India-EU relations in recent years, and sustained high-level engagement across all domains.

The leaders hailed the successful conclusion of negotiations of the landmark India-EU Free Trade Agreement (FTA), noting that the historic deal is a milestone in the India-EU Strategic Partnership that will significantly enhance bilateral trade and investment ties, drive shared prosperity, strengthen resilient and diversified supply chains, and support sustainable and inclusive growth.

The leaders welcomed the signing of the India-EU Security and Defence Partnership, the first such overarching defence and security framework between the two sides that will deepen ties in the domains of maritime security, defence industry and technology, cyber and hybrid threats, space, and counter-terrorism among others. They also welcomed the launch of negotiations on a Security of Information Agreement that will facilitate the exchange of classified information and pave the way for a stronger cooperation in areas related to security and defence.

Goyal said the visit of two European leaders has been 'game-changing and transformational'.

'I would term this visit, as very rightly pointed out by the foreign secretary as a game-changing and transformational visit in terms of the strategic partnership between Europe and Union and India,' he said. (ANI)