India-EU Seal Historic Free Trade Pact, Hailed as ‘Mother of All Deals’
European Commission President Ursula von der Leyen and Prime Minister Narendra Modi announced the conclusion of a landmark free trade agreement between India and the European Union, a deal 16 years in the making.
Key Takeaways:
- The pact creates a free trade zone covering 1.9 billion people.
- It will eliminate tariffs on 90% of goods traded.
- Bilateral trade is projected to reach $100 billion by 2025.
A ‘Historic Moment’ for Both Sides
At a joint press conference in New Delhi, President von der Leyen declared the agreement a transformative achievement. “We have concluded the mother of all deals,” she stated. “We have created a free trade zone of 1.9 billion people. This is only the beginning.”
She emphasized the strategic importance, calling it a “historic moment for India and the European Union” that will boost trade, investment, jobs, and growth.
PM Modi’s ‘Win-Win’ Assessment
Prime Minister Modi echoed the sentiment, describing the pact as a “win-win for both India and the European Union.” He highlighted the same core benefits of enhanced trade, investment, job creation, and economic growth for both regions.
Details of the Landmark Agreement
The agreement culminates after 16 years of negotiations. Its central provision is the elimination of tariffs on 90% of goods traded between the two economies.
The deal is projected to significantly boost economic ties, with bilateral trade expected to reach $100 billion by 2025.
