India-EU FTA concluded on equal terms after 17 years, technology transfer key for growth: Jitin Prasada
New Delhi, Sep 26
Union Minister of State for Commerce and Industry Jitin Prasada on Saturday said India was able to conclude its long-pending free trade agreement with the European Union on equal terms after nearly 17 years of negotiations, while stressing that technology transfers, local manufacturing and artificial intelligence would play a critical role in the country's next phase of industrial growth.
Speaking at the Uttar Pradesh International Trade Show (UPITS), Prasada said the India-EU FTA marked a significant achievement for the government, noting that earlier negotiations had struggled to make progress.
"The EU FTA was in talks for 17 years. They were not ready to have a conversation with us. Our government was able to strike a deal on equal terms," he said.
India and the European Union concluded negotiations for the trade pact on January 27, 2026. The negotiations, which began in 2007, had remained stalled for several years before being relaunched in 2022.
The agreement took another step forward earlier this month when the European Commission submitted it to the EU Council for authorisation for signature and conclusion.
Highlighting India's evolving approach towards foreign investment, Prasada said the country now expects international companies to contribute to domestic manufacturing capabilities and technological advancement rather than treating India merely as a consumer market.
According to the minister, foreign firms seeking to expand their presence in India would increasingly be encouraged to enter into joint ventures and facilitate technology transfers to support local industry and strengthen manufacturing ecosystems.
Prasada also underscored the importance of quality enhancement for Indian products, saying domestic manufacturers must focus on meeting global standards as they seek to expand their presence in international markets.
"We need to ensure quality and the global market is waiting for us," he said.
The minister said artificial intelligence has the potential to transform India's manufacturing sector, particularly benefiting micro, small and medium enterprises (MSMEs) through higher productivity and lower production costs.
He noted that Uttar Pradesh is emerging as an important hub for data centres and AI-driven technologies, citing investments by companies such as Samsung and Yotta in the state. According to him, wider adoption of AI could significantly improve competitiveness across industries.
— IANS
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