India and EU Secure Historic Trade Pact, 'Mother of All Deals' Set to Boost Global Economy
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Prime Minister Narendra Modi has hailed the India-European Union Free Trade Agreement (FTA) as the 'mother of all deals', marking a significant milestone in bilateral relations. The historic pact is expected to unlock substantial opportunities for businesses and citizens on both sides, solidifying ties between two of the world's largest economies.The agreement represents a quarter of global GDP and nearly one-third of global trade, underscoring its immense significance. Ahead of the 16th India-EU Summit in Delhi, Modi expressed his optimism about the partnership, which has been years in the making. The summit is set to feature restricted and delegation-level talks between Modi and European Commission President Ursula von der Leyen and European Council President Antonio Costa.The successful conclusion of negotiations was confirmed by Commerce Secretary Rajesh Agrawal, who stated that the formal announcement of the trade agreement would be made on January 27. Although the deal is not expected to come into effect until next year after a five to six-month legal review, it has already garnered international attention.US Treasury Secretary Scott Bessent has expressed concerns over the development, citing ongoing India-US trade talks and Europe's continued purchase of refined Russian oil products from India. In contrast, European Commission President Ursula von der Leyen highlighted the benefits of India's growth, stating that a successful India contributes to a more stable, prosperous, and secure world.
