NEW DELHI: European Commission President Ursula von der Leyen announced on Tuesday the successful conclusion of the India-EU free trade agreement, referring to the pact “as the mother of all deals”.
“Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit, ” the EC President wrote on X.
“This is only the beginning. We will grow our strategic relationship to be even stronger, ” she remarked.
By removing tariffs on 97 per cent of India’s exports, the deal will provide a huge boost to Indian manufacturing -- especially in textiles, gems, and leather -- while opening India’s market to European cars and machinery.
European Council President Antonio Costa also stated that he was looking forward to “a stronger partnership between the European Union and India, based on shared values and heightened ambition”.