European Commission President Ursula von der Leyen declared the successful conclusion of the India-EU free trade agreement, labeling it as the “mother of all deals.” This agreement establishes a free trade zone encompassing two billion people, aiming to benefit both sides significantly. By eliminating tariffs on 97% of India’s exports, the deal is poised to boost Indian manufacturing, particularly in textiles, gems, and leather, while granting European cars and machinery access to the Indian market.
European Council President Antonio Costa expressed anticipation for a stronger partnership between the European Union and India, emphasizing shared values and increased ambition. He highlighted the importance of delivering tangible benefits for citizens, fostering shared prosperity and security, and demonstrating leadership on global issues to shape a resilient multipolar global order. The summit at Hyderabad House marked the culmination of an 18-year journey as India and the European Union finalized their Free Trade Agreement, with Prime Minister Narendra Modi hosting the event and lauding it as a prime example of partnership between two global giants.
During the 16th European Union-India Summit in New Delhi, Prime Minister Modi, along with European Commission President Ursula von der Leyen and Council President Antonio Costa, unveiled the ‘mother of all trade deals.’ The agreement is projected to take effect next year, promising a qualitative enhancement in deepening bilateral ties across various sectors. The meeting primarily focused on trade, defense, security, climate change, critical technologies, and fortifying the rules-based global order. Additionally, both sides are preparing to introduce a defense framework pact and a strategic agenda, reflecting Europe’s efforts to diversify its international relations and strengthen ties beyond the US and China.
