India and the European Union announced on Tuesday the “mother of all deals”, a huge trade pact that will create a market of two billion people.
“We did it, we delivered the mother of all deals,” European Commission President Ursula von der Leyen said at a media briefing in Delhi. Indian Prime Minister Narendra Modi called the deal “historic” following meeting with European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The agreement will cut or eliminate tariffs on almost 97 per cent of European exports, saving up to €4 billion annually in duties, the 27-nation bloc said.
European Commission President Ursula von der Leyen said,” This is tale of two giants. The world’s 2nd and 4th largest economies. Two giants who chose partnership. In a true win win fashion.”
