Ursula von der Leyen, President of the European Commission, said that the EU is on the brink of a "historic" trade deal with India and that she plans to visit the country next week.
"I will travel to India. There's still work to do, but we are on the cusp of a historic trade agreement. Indeed, some call it the mother of all deals," von der Leyen said in Davos, where she is attending the World Economic Forum.
She described the deal as "one that would create a market of two billion people, accounting for almost a quarter of global GDP," and said that it would provide a "first mover advantage" for Europe with one of the world's fastest growing and most dynamic regions.
The EU president called the deal a part of the European body's broader approach to doing business with other nations, which she defined as "trade over tariffs, partnership over isolation, sustainability over exploitation", with the first aspect likely being a reference to the recent tariff policy that US President Donald Trump has adopted.
The EU is seeking to minimise the risk in it economies and diversify its supply chains via trade deals with various countries.
Von der Leyen named the Indo-Pacific as one of the "economic powerhouses of this century" and said that the EU is looking to trade with the prominent growth centres in the contemporary period.
"Europe wants to do business with the growth centers of today and the economic powerhouses of this century from Latin America to the Indo-Pacific and far beyond. Europe will always choose the world and the world is ready to choose Europe," von der Leyen said.
Also Read: India, EU Trade Deal To Include Some Farm Goods, Official Says
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