The European Union and India on Tuesday unveiled a sweeping free trade agreement, tearing down tariffs and trade barriers after decades of negotiations between two of the world’s largest economic powers.
A Deal Spanning the Global Economy
The EU, the world’s second-largest economy, and India, ranked fourth, said the pact represents a landmark convergence that will reshape global commerce. According to India’s government-backed news service, the EU, India Free Trade Agreement encompasses roughly one-third of global trade and more than 25% of worldwide gross domestic product.
Indian Prime Minister Narendra Modi hailed the agreement as transformative, saying in a post on X that it would generate “innumerable benefits” for businesses and consumers alike. “It is a new blueprint for shared prosperity,” Modi said.
European Commission President Ursula von der Leyen struck a similarly triumphant tone, calling the pact “the mother of all deals” during a Tuesday press conference. She said the agreement will reach more than 2 billion consumers across both markets.
