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India and the European Union have reached a landmark trade agreement, creating a free trade zone covering two billion people, according to EU Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi. Von der Leyen called it the “mother of all deals,” highlighting mutual benefits for both sides.
Modi described the agreement, nearly two decades in the making, as a historic step that will boost trade in sectors like textiles, gems and jewellery, and leather goods, while providing new opportunities for India’s 1.4 billion people and the EU’s citizens.
The pact, one of the most ambitious India has signed, aims to open India’s protected market to the 27-member EU, its largest trading partner. European firms are expected to gain a “first mover advantage,” while India anticipates increased investment and access to technology.
Following legal review, expected to take five to six months, the deal will be formally signed and is projected to come into effect within a year, covering roughly 25% of global GDP.
