Jan. 27 (UPI) -- India and the European Union on Tuesday announced a landmark free trade agreement being called the "mother of all deals" as it represents about a third of global trade.
Prime Minister Narendra Modi announced the India-EU FTA in a recorded statement saying the agreement was signed a day before while EU leaders are in the country for the India-EU summit in New Delhi.
A statement from his office said the agreement "stands as a remarkable example of coordination between two of the world's largest economies." It follows some two decades of on-again, off-again negotiations. The deal also comes as the two governments seek stability at a time when President Donald Trump has injected uncertainty into global commerce and international relations.
According to his office, the deal represents nearly a quarter of global gross domestic product and one-third of global trade. "Beyond trade, the deal strengthens the shared commitment to democracy and the rule of law," New Delhi said.
Modi said that he expects the trade deal to complement agreements with Britain and the European Free Trade Association, reinforcing trade and global supply chains, while being a boost to India's manufacturing and services sectors.
