NEW DELHI – On Tuesday, Prime Minister Narendra Modi announced that India and the European Union have finalized a landmark free trade agreement, aiming to enhance their economic and strategic relationship.

This significant accord, which impacts approximately 2 billion individuals, marks the culmination of nearly 20 years of negotiations. Both parties have referred to it as the “mother of all deals.”

The agreement stands as one of the most substantial bilateral commercial undertakings to date, emerging at a moment when the U.S. has imposed heavy import tariffs on both India and the EU.

Addressing an energy conference via video link, Modi stated, “This agreement will open up substantial opportunities for the people of India and Europe. Together, they account for 25% of global GDP and one-third of worldwide trade.”

As trade tensions with Washington escalate due to the imposition of steep tariffs, this deal arrives at a crucial time, encouraging India and the EU to forge stronger economic ties and explore new collaborative ventures.

Modi was scheduled to meet with European Commission President Ursula von der Leyen and European Council President Antonio Luis Santos da Costa later Tuesday to jointly announce the agreement.