India, EU finalise landmark trade deal, says PM Modi
The Chronify
After nearly two decades of negotiations, India and the European Union have finalised a major free trade agreement. The deal is expected to open India’s vast market to the EU and boost economic ties amid global trade uncertainties.
Indian Prime Minister Narendra Modi on Tuesday announced that India and the European Union have finalised a landmark trade agreement, marking a major breakthrough after years of intermittent negotiations.
“Yesterday, a big agreement was signed between the European Union and India,” Modi said. “People around the world are calling this the mother of all deals. This agreement will bring major opportunities for the 1.4 billion people of India and the millions of people in Europe.”
The agreement will pave the way for India to open up its vast and traditionally guarded market - the world’s most populous - to free trade with the EU, which is India’s largest trading partner.
Modi and Ursula von der Leyen, President of the European Commission, are expected to make a joint announcement later on Tuesday at an India-EU summit in New Delhi, where details of the deal will be formally unveiled.
The deal comes as both sides seek to hedge against increasingly unpredictable trade relations with the United States.
Trade between India and the EU reached $136.5 billion in the fiscal year ending March 2025, highlighting the scale and strategic importance of the partnership.
“Yesterday, a big agreement was signed between the European Union and India,” Modi said. “People around the world are calling this the mother of all deals. This agreement will bring major opportunities for the 1.4 billion people of India and the millions of people in Europe.”
The agreement will pave the way for India to open up its vast and traditionally guarded market - the world’s most populous - to free trade with the EU, which is India’s largest trading partner.
Modi and Ursula von der Leyen, President of the European Commission, are expected to make a joint announcement later on Tuesday at an India-EU summit in New Delhi, where details of the deal will be formally unveiled.
The deal comes as both sides seek to hedge against increasingly unpredictable trade relations with the United States.
Trade between India and the EU reached $136.5 billion in the fiscal year ending March 2025, highlighting the scale and strategic importance of the partnership.
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