New Delhi, September 26, 2026 (Yes Punjab News)
Union Minister of State for Commerce and Industry Jitin Prasada said India concluded its long-pending free trade agreement (FTA) with the European Union on equal terms after nearly 17 years of negotiations, while stressing that technology transfer, local manufacturing and artificial intelligence (AI) would be critical to the country’s next phase of industrial growth.
Speaking at the Uttar Pradesh International Trade Show (UPITS), Prasada described the India-EU FTA as a significant achievement, noting that negotiations had remained stalled for several years before being relaunched in 2022.
“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. Earlier this month, the European Commission submitted the agreement to the EU Council for authorisation for signature and conclusion.
Prasada said India’s approach towards foreign investment was also evolving, with the focus shifting towards strengthening domestic manufacturing capabilities and technological advancement rather than treating the country solely as a consumer market.
He said international companies expanding in India would increasingly be encouraged to enter into joint ventures and facilitate technology transfers to support local industries and strengthen manufacturing ecosystems.
The minister also stressed the importance of improving the quality of Indian products to meet global standards and expand their presence in international markets.
“We need to ensure quality and the global market is waiting for us,” he said.
Prasada said AI could transform India’s manufacturing sector by improving productivity and reducing production costs, particularly for micro, small and medium enterprises (MSMEs).
He added that Uttar Pradesh was emerging as an important hub for data centres and AI-driven technologies, citing investments by companies including Samsung and Yotta.
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