Mumbai, Jan 27 (NationPress) Chief Minister Devendra Fadnavis stated on Tuesday that Maharashtra is poised to gain tremendously from the landmark India-EU Free Trade Agreement.

Key industries including textiles and apparel, engineering goods, pharmaceuticals, chemicals, medical devices, automobiles and auto components, base metals, electronics, and gems and jewellery are anticipated to experience significant growth, increased competitiveness, and broadened access to international markets. Furthermore, farmers will also see substantial benefits, he noted.

In a post on X, the Chief Minister remarked, “The India-EU Free Trade Agreement represents a pivotal advancement in India’s global trade relations under the guidance of PM Narendra Modi.

Described as the 'Mother of all trade deals', this significant agreement connects India with 27 European nations, which together make up nearly 25% of the global GDP. It offers unprecedented market access for Indian exports, with over 99% of Indian products gaining preferential entry into the European Union. Consequently, exports valued at ₹6.41 lakh crore are set for a substantial increase, particularly in labour-intensive sectors such as textiles, leather, marine products, and gems & jewellery.

Additionally, the India-EU FTA facilitates advantageous market access for India’s agricultural and processed food exports, providing considerable advantages to farmers and agribusiness chains. A forward-looking mobility framework further broadens global opportunities for skilled and semi-skilled Indian professionals, solidifying India’s standing in the international economy, he elaborated.

“This agreement is a crucial move towards enhanced international economic collaboration and sustained, trade-oriented growth, the India-EU Free Trade Agreement strengthens India’s global economic influence while positioning Maharashtra as a prominent catalyst for export-driven development,” stated the chief minister.

The FTA between India and the EU follows closely after the Maharashtra government signed memoranda of understanding for investment proposals totaling ₹30 lakh crore during the World Economic Forum (WEF) summit. Furthermore, the government is in initial discussions for an additional investment ranging from ₹7 to ₹10 lakh crore, with agreements expected in the coming months.

The chief minister noted that these investments span various sectors including industry, services, Artificial Intelligence data centers, Quantum computing, technology, data centers, semiconductors, healthcare, food processing, renewable energy, green skills, electric vehicles, urban transformation, green steel, shipbuilding, sustainability, fintech, digital infrastructure, and textiles.

“Of these investments, 83% represent Foreign Direct Investment, while 16% involve foreign entities and foreign technology. Some of these projects focus on import substitution. These MOUs involve companies from 18 countries, including the US, UK, Switzerland, Sweden, Singapore, Germany, UAE, Norway, and Canada among others,” he disclosed.