India-EU announce mega FTA; PM Modi calls it New Delhi's biggest trade deal ever
New Delhi (PTI): India and Europe on Tuesday announced sealing of an ambitious free trade agreement -- billed as "mother of all deals" -- that came against the backdrop of a fractious global environment and trade disruptions largely caused by Washington's policy on tariff.
Today, India has concluded the biggest free trade agreement (FTA) in its history with the European Union, Prime Minister Narendra Modi said after holding summit talks with the 27-nation bloc's top leaders Ursula von der Leyen and Antonio Costa.
"This is not just a trade agreement. This is a new blueprint for shared prosperity," Modi said in his media statement.
The two sides also inked a strategic defence partnership pact and a mobility agreement.
The prime minister said India-EU partnership will help the world.
European Council President Costa said India and the EU began a "new chapter" in their relations in sectors such trade, security, and on people-to-people ties.
"Trade agreements reinforce a rules-based economic order and promote shared prosperity. That's why today's free trade agreement is of historic importance. It is one of the most ambitious agreements ever concluded," he said.
"We delivered the mother of all deals," Von der Leyen said.
The long-awaited FTA is set to significantly expand the overall trajectory of two-way engagement as it will open up new opportunity for cooperation in diverse areas.
The EU and India had first launched negotiations for the FTA in 2007, before the talks were suspended in 2013 due to a gap in ambition. The negotiations were relaunched in June 2022.
The EU, as a bloc, is India's largest trading partner in goods.
For the financial year 2024-25, India's total trade in goods with the EU was worth about USD 136 billion, with exports around USD 76 billion and imports at USD 60 billion.
The broad focus of the summit was on trade, defence and security, climate change, critical technologies and strengthening the rules-based global order.
India and the European Union have been strategic partners since 2004.
The proposed Security and Defence Partnership (SDP) will facilitate deeper defence and security cooperation between the two sides.
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With Bangladesh out of T20 WC, ICC reworking application process for its travelling media
New Delhi (PTI): The International Cricket Council is reworking the media accreditation process for Bangladesh journalists wishing to cover the T20 World Cup in India after the withdrawal of its national team citing security concerns in the neighbouring nation.
The ICC is changing the application process even as some of the Bangladesh journalists claimed that their accreditation request was rejected by the world body.
"There is a reworking of the process since there is a change in the number of requests and the schedules. The accreditation lists are being worked out accordingly.
"Some of the Bangladesh journalists, who showed interest in covering the tournament despite their team's withdrawal, have started getting approvals," ICC sources told PTI.
Roughly 80-90 Bangladeshi journalists applied for the media accreditation and, sources said, even if their team was participating in the ICC event, not all requests could be accommodated.
"If you go by the country quota, you can't exceed the number beyond 40. The ICC goes by the recommendations of the home board and accordingly takes a call on the applications," sources added.
In Dhaka, BCB media chairman Amjad Hossain said he has taken up the matter with the ICC.
"The decision came only yesterday and we have sought to know (the details). An explanation has been requested. This is an internal and confidential matter, but to summarise -- we wanted to know why this was done," Hossain told reporters in Dhaka.
Speaking on condition of anonymity, a senior Bangladeshi journalist said it was the first time his media accreditation was not approved.
"I have covered 8 to 9 ICC World Cups. This was the first time my application was rejected. We are awaiting clarity from BCB before reapplying," he said.
As per the ICC assessment, the Bangladesh cricket team did not face a security threat in India but the country's cricket board still decided to not travel to the country.
Subsequently, the ICC replaced Bangladesh with Scotland for the tournament beginning on February 7.
