India-EU Strike 'Mother of All Deals' for Global Trade Boost

India and the EU signed a historic free trade agreement, creating a two-billion-strong market, with significant tariff reductions on goods. The deal includes security cooperation and talent mobility, aiming to enhance global trade, security, and prosperity. It highlights India-EU partnership amidst shifting global alliances.

India and the European Union have sealed a historic free trade agreement, hailed as the 'mother of all deals,' to create a market encompassing two billion people. This transformative pact was announced by Indian Prime Minister Narendra Modi alongside top EU leaders, setting the stage for a five-year strategic agenda to bolster trade and defense relations amidst global uncertainties.

The landmark agreement includes sizable tariff cuts, impacting nearly 99% of Indian exports to the EU and over 97% of EU exports to India. Officials project this will significantly boost sectors like Indian textiles and European automobiles. This FTA, which will account for almost a quarter of the global GDP, also includes agreements on security collaboration and mobility of talent between the regions.

Indian Prime Minister Modi emphasized the stability and growth opportunities the agreement promises, noting it as a blueprint for shared prosperity. With both regions collaborating, the FTA aims to strengthen supply chains and create new avenues for innovation, investment, and partnership, reinforcing a rules-based global order.

(With inputs from agencies.)