Prime Minister Narendra Modi on Tuesday announced the much-awaited free trade agreement between India and the European Union, describing it as the “mother of all deals” due to its scale and impact.
He said the agreement would create major opportunities for people and businesses in both regions, noting that it represents a partnership between two major global economies and covers nearly 25 per cent of global GDP and about one-third of global trade.
The announcement comes ahead of the formal unveiling of the comprehensive trade pact at the joint EU-India summit. PM Modi is hosting European Commission President Ursula von der Leyen and European Council President Antonio Costa, with discussions also expected on a strategic defence partnership and a mobility framework.
The Prime Minister added that the deal would give a strong boost to India’s manufacturing sector while also expanding services, and said it would improve investor confidence and encourage fresh investments.
Earlier, Commerce Secretary Rajesh Agrawal confirmed that negotiations had been successfully concluded, stating that the agreement had been finalised and would strengthen India’s trade ties with Europe.
