Antonio Costa Hails India-EU Pact as Shield Against Global Volatility

European Council President Antonio Costa has hailed the newly finalized India-EU strategic partnership as a cornerstone of global stability, asserting that the bond provides "major economic and geopolitical weight" in an increasingly volatile world.

Speaking at a banquet held in his honor at Rashtrapati Bhavan, Costa expressed immense pride in the conclusion of the 16th India-EU Summit, which saw the signing of a landmark Free Trade Agreement (FTA), a Security and Defense Partnership and a Joint Strategic Agenda to 2030. 

"We have delivered tangible progress and set an example of cooperative leadership on global issues," Costa stated, emphasizing that as a person of Indian origin, he felt a deep personal connection to this historic moment. 

He noted that the "relationship can only deepen as we implement all of these agreements, delivering concrete benefits to our citizens," effectively bridging the two regions through strengthened people-to-people ties.

The finalized FTA, described by European Commission President Ursula von der Leyen as "the mother of all deals," creates a massive integrated market of two billion people. 

Under the agreement, the EU will remove tariffs on 99.5 percent of Indian exports, while India will provide concessions on 97.5 percent of traded value. Von der Leyen characterized the partnership as "a tale of two giants — the world's second- and fourth-largest economies," who have chosen a "true win-win fashion" to send a "strong message that cooperation is the best answer to global challenges." 

Prime Minister Narendra Modi echoed this sentiment, describing the ties as a global "double engine of growth" and urging the private sector to seize the new opportunities, remarking that "the ball is in your court." 

The deal is expected to save approximately 4 billion euros annually in duties, providing a vital economic buffer as both regions face shifting trade pressures from the new US administration.

Beyond commerce, the summit established a robust Security and Defense Partnership aimed at reinforcing a rules-based international order. 

This framework will enable the exchange of classified material and expand collaboration in maritime security, defense manufacturing, and cyber defense. 

The two sides also adopted a Joint Comprehensive Strategic Agenda focusing on future-ready sectors like the India-Middle East-Europe Economic Corridor and digital connectivity through the Blue Raman submarine cable system. 

During the summit, leaders also took a firm stand on global security, as "they called for decisive and concerted international efforts to combat terrorism in a comprehensive and sustained manner and in accordance with international law," specifically denouncing the tragic attacks in Pahalgam and at the Red Fort in 2025. 

President Droupadi Murmu, who hosted the European leaders during their state visit as Chief Guests for India's 77th Republic Day, expressed total confidence that this "forward-looking action plan" would bring positive, lasting changes to the lives of citizens across both continents.

Source: ANI