Prime Minister Narendra Modi on Tuesday announced that India and the EU have reached a free trade agreement (FTA), saying it accounts for 25 per cent of global GDP and one-third of global trade. India and Europe have concluded the "mother of all" trade deals, European Commission President Ursula von der Leyen said as Prime Minister Narendra Modi and the top EU leadership held summit talks to elevate the two-way ties to jointly navigate geopolitical turbulence and trade disruptions.
Meanwhile, European Commission President, Ursula von der Leyen, said: “The EU and India make history today, deepening the partnership between the world's biggest democracies. We have created a free trade zone of 2 billion people, with both sides set to gain economically. We have sent a signal to the world that rules-based cooperation still delivers great outcomes. And, best of all, this is only the start - we will build on this success, and grow our relationship to be even stronger.”