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Prime Minister Narendra Modi said Tuesday that India and the European Union have reached a free trade agreement to deepen their economic and strategic ties.
The accord, which touches a whopping 2 billion people, was concluded after nearly two decades of negotiations. It was dubbed the "mother of all deals" by both sides.
It is one of the biggest bilateral engagements on commerce. The timing comes as Washington targets both India and the EU with steep import tariffs.
"This agreement will bring major opportunities for the people of India and Europe. It represents 25% of the global GDP and one-third of global trade," Modi said while virtually addressing an energy conference.
The deal comes at a time when Washington is targeting both India and the EU with steep tariffs, disrupting established trade flows and pushing major economies to seek alternate partnerships.
Modi was scheduled to meet with European Commission President Ursula von der Leyen and European Council President Antonio Luis Santos da Costa later Tuesday to jointly announce the agreement.