New Delhi (Monitoring Desk): India and the European Union have finalized a long-pending major trade agreement, which is being hailed as a historic development for both parties.
Indian Prime Minister Narendra Modi described the deal as the "Mother of All Deals," stating that it will create new economic opportunities for millions of people in India and Europe and give bilateral trade a new direction.
According to Modi, after nearly two decades of intermittent negotiations, the agreement has been reached under which India will open its vast yet organized and secure market to the 27-member European Union on free trade principles. It is noteworthy that the European Union is currently India’s largest trading partner.
The formal details of the agreement will be jointly announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the India-EU summit in New Delhi.
Available data indicates that by the end of fiscal year 2025, the bilateral trade volume between India and the European Union reached $136.5 billion, and further growth is expected following this agreement.
