I welcome yesterday's announcement of a landmark free trade agreement between the European Union and the Republic of India, which is one of the most significant trade milestones in decades.

It paves the way for dramatically expanded economic co-operation between the EU and India. This is a combined market of more than 2 billion consumers and nearly 25% of global GDP. This is a major win for the European Union, for Ireland and for businesses and workers across our economies. The deal delivers real opportunities for Irish exporters, investors and workers. Over 93% of tariffs will be abolished on goods, which could double EU exports to India. Irish and EU industries, including the agrifood, spirits, machinery, chemicals, pharmaceuticals, automotive and technology sectors, will gain preferential access to India's rapidly expanding market. This includes reduced tariffs on products such as Irish whiskey and wines. Most importantly, this agreement does not come at the expense of food standards and sensitive sectors such as beef and poultry are excluded, which is to be welcomed. The deal also improves conditions for trade in service and investment supporting Ireland's strong export sectors, such as professional services, fintech and ICT. By facilitating increased trade and investment flows the agreement will support jobs across Irish and European economies and offer new opportunities for workers in high value industries. In a rapidly shifting global economy, it is vital that the EU diversifies its trading relationships and deepens economic ties with key global partners while protecting national industry, which is what this deal serves to do. The deal helps safeguard European competitiveness and reinforces our role as a driver of rules-based global trade. I believe that this agreement will help create a more resilient and prosperous future, and it will indeed create the world's largest free trade area.