New Delhi: Prime Minister Narendra Modi on Tuesday announced that India and the European Union have concluded a free trade agreement (FTA), noting that the partnership accounts for 25 per cent of global GDP and nearly one-third of global trade.

Describing it as the “mother of all deals,” Modi said the agreement opens up vast opportunities for 140 crore Indians as well as millions of Europeans. Addressing the Indian Energy Week virtually, he congratulated all stakeholders on the India–EU trade pact and said, “I am sharing a major development… just yesterday, a very significant agreement was reached between India and the European Union.”

“This is a strong example of coordination between two major global economies. Together, this agreement represents 25 per cent of global GDP and one-third of global trade,” he said. He added that the FTA with the EU would complement India’s existing agreements with the United Kingdom and the European Free Trade Association (EFTA).

The agreement, he said, will strengthen global trade as well as supply chains. Congratulating the youth and those associated with sectors such as textiles, gems and jewellery, leather, and footwear, Modi stated that the pact would........

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