A representative image showing Stellantis logo.
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Mumbai: European auto major Stellantis India on Tuesday said the signing of the Free Trade Agreement (FTA) between India and the EU is a "landmark" moment and the pact would serve as a significant accelerator for the company's long-term commitment to 'Make in India for the World'.
Moreover, reduced trade barriers will help enhance manufacturing competitiveness, expand export potential, and support seamless integration of its India operations into global supply chains, Stellantis India Chief Executive Officer and Managing Director Shailesh Hazela said in a statement.
"The conclusion of the EU-India Free Trade Agreement is a landmark moment that deepens economic cooperation and strengthens India's position in the global value chain," Hazela said.
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.
"At Stellantis India, we see this agreement as a significant accelerator for our long-term commitment to 'Make in India for the World'. Reduced trade barriers will help enhance manufacturing competitiveness, expand export potential, and support the seamless integration of our India operations into global supply chains," Hazela said.
The EU and India had first launched negotiations for the FTA in 2007, before 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 goods trading partner.
For Stallantis customers in India, Hazela said, this development enables greater access to advanced technologies and the latest offerings from the company's line-up.
Stellantis Group operates two brands in India -- Citroen and Jeep.
The company has three manufacturing facilities in India, including the Hosur powertrain and gearbox plant.