EU, India agree 'mother of all' trade deals

India and the European Union announced the so-called “mother of all deals,” a major trade pact reached after two decades of negotiations to create a market of two billion people. The agreement will cut or eliminate tariffs on nearly 97 per cent of European exports, saving up to 4 billion euros annually in duties, according to the 27-nation bloc.

Antonio Costa, President , European Council said "As the two largest democracies in the world, we are working hand in hand to deliver concrete benefits for our citizens and to shape a resilient global order that underpins peace and stability, economic growth, and sustainable development."

The announcement came as both sides said the agreement would take their partnership to the next level at a time when the global order is being fundamentally reshaped, with the European Union and India standing together as strategic and reliable partners.