NEW DELHI: India and the EU have concluded negotiations on a deal creating a free trade zone of 2 billion people, European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi said on Tuesday.
Talks for the pact, referred to by both leaders as the “mother of all deals,” started in 2007 and stalled repeatedly over the years, with the negotiation process only speeding up last year, following new US tariff polices.
The agreement is expected to be signed later this year and may come into force in early 2027.
“People around the world are calling it the ‘mother of all deals.’ This agreement brings huge opportunities for India’s 1.4 billion people and for millions of people across European countries,” Modi said during a joint press conference with Von der Leyen and European Council President Antonio Costa in New Delhi.
“It represents 25 percent of the global GDP and one-third of global trade.”
