India and EU agree landmark trade deal after almost two decades of talks
EU and India finalise ‘the mother of all trade deals’
- India and the European Union have finalised a landmark free trade agreement after two decades of negotiations.
- The deal was announced at a summit in Delhi by Indian Prime Minister Narendra Modi and top EU officials, Ursula von der Leyen and Antonio Costa.
- Both sides have hailed the agreement as ”the mother of all trade deals”, creating a free trade bloc encompassing two billion people and a quarter of the global economy.
- Negotiations, which first began in 2007 and restarted in July 2022, overcame hurdles such as market access for European carmakers, agricultural products, and carbon-linked climate tariffs.
- The formal signing of the agreement is expected to take place in five to six months, following a legal vetting process.