During his historic visit to Cyprus, Prime Minister Narendra Modi reaffirmed India’s commitment to concluding a Free Trade Agreement (FTA) with the European Union by the end of 2025. Speaking at the India-Cyprus CEO Forum in Limassol, PM Modi emphasized the importance of economic integration, digital innovation, and strategic partnerships in shaping India’s global trade future.
Key Highlights from PM Modi’s Address
- India-EU FTA Timeline: PM Modi stated that negotiations are progressing with momentum and both sides are committed to finalizing the FTA by December 2025.
- Digital & Infrastructure Growth: He spotlighted India’s transformation into a digital powerhouse, with 50% of global digital transactions now occurring through UPI.
- Investment Opportunities: Modi invited Cypriot and European investors to explore India’s booming sectors, including AI, green energy, shipbuilding, and civil aviation.
- Trilateral Cooperation: The launch of the India-Greece-Cyprus Business and Investment Council was welcomed as a platform to boost maritime, logistics, and fintech collaboration.
Strategic Significance of the India-EU FTA
The proposed FTA is expected to:
- Enhance bilateral trade, currently valued at over $120 billion annually
- Boost market access for Indian goods and services in Europe
- Strengthen India’s position as a global manufacturing and innovation hub
Cyprus as a Gateway to Europe
PM Modi praised Cyprus as a trusted economic partner and a gateway for Indian businesses entering the European market. He also highlighted the MoU between NSE GIFT City and Cyprus Stock Exchange, and the upcoming UPI integration with Eurobank Cyprus.
