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PM Modi hails India-EU trade pact as ‘mother of all deals’ ahead of historic summit
PM Modi said that the India-EU pact represents 25 per cent of global GDP and nearly one-third of global trade.
Prime Minister Narendra Modi on Tuesday hailed the India-European Union Free Trade Agreement (FTA) as the “mother of all deals”, saying it would open up massive opportunities for people and businesses on both sides and deepen ties between two of the world’s largest economies.
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“Yesterday a big agreement was signed between the European Union and India. People are calling this the mother of all deals. This agreement will bring major opportunities for the public in India and Europe. This is a perfect example of a partnership between two major economies of the world,” Modi said, adding that the pact represents 25 per cent of global GDP and nearly one-third of global trade.
The Prime Minister’s remarks came ahead of the 16th India-EU Summit in Delhi, where he is scheduled to hold restricted and delegation-level talks with European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The summit is being seen as historic, with both sides set to formally announce the conclusion of negotiations on the long-pending FTA.
Commerce secretary Rajesh Agrawal confirmed on Monday that India and the EU have successfully wrapped up talks and that the formal announcement of the trade agreement will be made on Tuesday, January 27.
He said the deal is expected to come into force next year after legal scrubbing of the text, which could take five to six months, followed by formal signing.
On Republic Day, von der Leyen, who attended the parade as one of the chief guests, underscored the importance of India’s growth, posting on X: “A successful India makes the world more stable, prosperous and secure. And we all benefit.”
The deal has also drawn international attention, with US treasury secretary Scott Bessent expressing concern over the development amid ongoing India-US trade talks, criticising Europe’s continued purchase of refined Russian oil products from India.
