India and the European Union on Monday closed a ‘landmark’ free trade agreement, touted as the ‘mother of all deals,’ Indian Prime Minister Narendra Modi said during a speech at the India Energy Week on Tuesday.
The FTA signed with the EU, which represent about 25% of global GDP and about a third of global trade, will also complement India’s deals with Britain and the European Free trade Association, Modi said.
The agreement will forge a market of 2 billion people at a time when trade ties are being tested amid rising geopolitical tensions.
“I congratulate our colleagues associated with every sector, such as textiles, gems and Jewelry, leather and shoes. This deal will prove to be very supportive to these sectors,” Modi said.
Modi and EU President Ursula von der Leyen are expected to make a joint statement at the India–EU summit in New Delhi, later in the day, revealing the details of the deal that had been in the making for nearly two decades.
