NEW DELHI: India and the European Union have finalised a landmark commerce deal, Indian Prime Minister Narendra Modi stated on Tuesday (Jan 27), as the 2 sides search to hedge in opposition to fickle ties with the US.
After practically 20 years of on-off negotiations, the deal will pave the way in which for India to open up its huge and guarded market, the world’s most populous, to free commerce with the 27-nation EU, its largest buying and selling accomplice.
“Yesterday, a giant settlement was signed between the European Union and India,” Modi stated.
“Folks around the globe are calling this the mother of all deals. This settlement will carry main alternatives for the 1.4 billion individuals of India and the hundreds of thousands of individuals in Europe,” he stated.
Modi and European Fee President Ursula von der Leyen are anticipated to make a joint announcement at an India–EU summit in New Delhi, together with the main points of the deal, in a while Tuesday.
Commerce between India and the EU stood at US$136.5 billion within the fiscal yr via March 2025.
The settlement comes days after the EU signed a pivotal pact with the South American bloc Mercosur, following offers final yr with Indonesia, Mexico and Switzerland.
Throughout the identical interval, New Delhi finalised pacts with Britain, New Zealand and Oman.
