The European Union is at the verge of finalising a historic trade agreement with India, said European Commission President Ursual von der Leyen, pointing out that "some call it the mother of all deals".
The remarks at the World Economic Forum in Davos comes just a few days ahead of her Delhi visit. European Council President Antonio Costa and von der Leyen will be in India from January 25 to 27 to as chief guests to the Republic Day celebrations. They will also hold talks with Prime Minister Narendra Modi.
“There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,” she said.
Why is India-EU free trade agreement called 'Mother of All Deals'?
The trade deal would create a market comprising two billion people, accounting for almost a quarter of the global GDP, according to von der Leyen.
EU believes that the deal would give it a "first-mover advantage" with one of the world's fastest growing and most dynamic continents. "Europe wants to do business with the growth centres of today and the economic powerhouses of this century," von der Leyen said. "From Latin America to the Indo Pacific and far beyond, Europe will always choose the world. And the world is ready to choose Europe."
EU is also reportedly reconsidering its options amid US President Donald Trump's rhetoric on Greenland annexation.
For India, the deal would open way for skilled professionals to get visas and jobs at EU member nations.
India and the EU, which have been strategic partners since 2004, started negotiating the free trade agreement in 2007. However, the talks were suspended in 2013 due to gap in ambition. They resumed in mid-2022.