New Delhi, Jan 27 (PTI) President of the European Commission Ursula von der Leyen on Tuesday said the Free Trade Agreement sealed by India and the EU sends a strong signal to the world.

Noting that the conclusion of negotiations on the FTA is a decisive moment in India-EU partnership, she said this is only the beginning.

The European Commission leader was delivering a speech at the banquet hosted by President Droupadi Murmu here.

"This agreement forms the foundation of the crucial partnership between Europe and India, and we are sending a strong signal to the world ... at this time, India and the world are choosing dialogue, collaboration, and cooperation," she said.

India and the EU on Tuesday announced the conclusion of negotiations for the Free Trade Agreement, which is likely to be implemented this year itself.

Under this, over 90 per cent of Indian goods will get duty-free access in the European Union. On the other hand, the 27-nation bloc will get duty concessions on 93 per cent of their goods in the Indian market.

Von der Leyen said it is a decisive moment in the partnership with the FTA "and we need to open the world's largest trade border ever, an unprecedented market of almost 2 billion people".

"It means more than trade. It means more and better jobs, more and closer friendship, more connections, more opportunities for our businesses, and of course, our people, and fewer dependencies." Von der Leyen said Europe and India are working very hard strategically and that is why today "we launched our security and defence partnership to protect Indian interests and European interests, and to bring stability and reassurance in all of the countries so that our people can feel safe and our businesses can trade with confidence and respect".

She said together a "new golden road" can be built between the continents and pave the way to an even brighter future for India and the world. PTI SKL RT RT

India-EU free trade agreement grants over 90% duty-free access for Indian goods and extensive tariff concessions for EU goods. The document announces the conclusion of a bilateral Free Trade Agreement between India and the European Union under which over 90% of Indian goods will receive duty-free access to the EU and the EU will obtain duty concessions on 93% of its goods in India, establishing broad tariff elimination and preferential treatment to reshape trade flows and commercial relations.