New Delhi: India and the European Union have reached a major trade agreement, described by both sides as the “mother of all deals,” marking a significant milestone in bilateral economic relations.
According to the European Union, the agreement will reduce or eliminate tariffs on nearly 97 percent of European exports to India, potentially saving up to €4 billion annually in customs duties.
Following high-level talks in New Delhi with European Commission President Ursula von der Leyen and European Council President Antonio Costa, Indian Prime Minister Narendra Modi hailed the agreement as historic.
“This is the mother of all deals,” Modi said, adding that the pact would create vast opportunities for India’s 1.4 billion people as well as millions across the European Union.
EU officials stated that this is India’s most comprehensive and wide-ranging trade agreement to date, expected to significantly benefit key European sectors including agriculture, automobiles, and services.
Foreign news agencies reported that the agreement also includes a security partnership component, opening new avenues for defense-related cooperation and business opportunities.
Prime Minister Modi noted that the deal would equally boost India’s textile industry, gems and jewellery sector, leather products, and services industry.
According to a senior Indian official quoted by international media, the formal signing of the agreement is expected within the next five to six months, once all legal and procedural requirements are completed.