Prime Minister Narendra Modi on Tuesday announced the highly anticipated trade deal with the European Union, calling it a transformative partnership between two major global economies.
The Prime Minister had said a major agreement between India and the European Union was signed recently, which he described as the “mother of all deals”.
“This agreement represents 25 per cent of global GDP and one-third of global trade. It is a perfect example of a partnership between two major economies of the world,” Modi said.
The Prime Minister said the agreement would create major opportunities for people and businesses in both India and Europe, while strengthening economic ties across sectors.
India and the European Union are expected to announce the outcome of long-pending free trade agreement talks at the 16th India–EU Summit in New Delhi on January 27. The summit is being co-chaired by European Council President Antonio Costa and European Commission President Ursula von der Leyen.
Negotiations on the India–EU free trade deal began in 2007, were suspended in 2013 due to differences in ambition, and were revived in 2022. The discussions are expected to span trade, clean energy transition, security cooperation, critical technologies and mobility arrangements.
Momentum has built in recent weeks, with European Commission President Ursula von der Leyen describing the proposed agreement as a “historic trade deal” that could eventually create a combined market of nearly two billion people, accounting for close to a quarter of global gross domestic product.
Read More: India-EU Trade Deal Live: Relations With EU A 'Perfect Example Of Partnership', Says PM Modi
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