India, EU ‘make history’ as they seal trade pact amid US tariff pressure
Both sides are ‘set to benefit’ from the deal that analysts say will underscore broader shifts under way in the global order
The pact, once implemented, is expected to create one of the world’s largest trading blocs and deepen commercial links between the EU’s 27 member states and the world’s most populous country.
The deal would cut or eliminate tariffs on almost 97 per cent of European exports to India, saving up to €4 billion (US$4.75 billion) a year in duties, the bloc said.
“People around the world are calling this the mother of all deals,” Modi said. “This deal will bring many opportunities for India’s 1.4 billion people and many millions in the EU.”
The agreement “represents about 25 per cent of global GDP and one-third of global trade”, Modi added.
European Commission President Ursula von der Leyen said the agreement marked a historic step in bilateral ties.