KABUL: The European Union leaders and India have finalized and signed a trade agreement that has been referred to as the “Mother of Agreements.”
The Hindu, a reputable Indian newspaper, reported on Tuesday night, that the agreement was finalized and signed by Indian and European officials in the presence of leaders from both sides.
Under the agreement, the European Union will eliminate 99.5% of tariffs on Indian exports, while India will provide tariff exemptions covering 97.5% of trade between the two major economies.
This significant economic document was signed by Piyush Goyal, India’s Minister of Commerce, and Maroš Šefčovič, EU Commissioner for Trade and Security.
Indian Prime Minister Narendra Modi, Ursula von der Leyen, President of the European Commission, and António Costa, President of the European Council, were present during the signing of the Free Trade Agreement (FTA).
Mrs. von der Leyen remarked during the signing, “We have accomplished the mother of all agreements. We are creating a market of 2 billion people. This is the story of two economic giants of the world.”
India’s Minister of Commerce described the agreement as extraordinary, adding that it is set to take effect in the current year (2026).
It is noteworthy that the EU and India have reached this historic agreement after nearly two decades of tumultuous negotiations.