New delhi: Indian Prime Minister Narendra Modi announced that India and the European Union have finalized a landmark free trade agreement (FTA). This deal, described by Modi as the mother of all deals, was discussed during a speech at the India Energy Week on Tuesday.
According to Kuwait News Agency, Modi highlighted that the agreement was signed on Monday and marks a significant collaboration between India and the EU, encompassing approximately 25 percent of global GDP and about one-third of global trade.
Modi emphasized that this much-anticipated FTA is expected to complement India's existing trade agreements with Britain and the European Free Trade Association. The agreement is seen as a significant step towards enhancing economic relations and trade flows between India and the European Union.
Further discussions are scheduled to take place with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen. They are set to meet with Modi, President Droupadi Murmu, and External Affairs Minister S Jaishankar to explore ways to deepen bilateral cooperation and strengthen ties between India and the EU.