European Commission President Ursula von der Leyen has described the proposed free trade agreement between India and the European Union as historic, saying it could create a market of nearly 2 billion people. Speaking at the World Economic Forum in Davos, she said only a few steps remain to finalize the deal and called it one of the most important trade agreements ever. According to her, the agreement would cover almost one-quarter of global GDP and help diversify the EU’s trade while strengthening ties with India, one of the world’s fastest-growing economies. The trade deal is expected to be signed during India’s Republic Day celebrations, when senior European Union leaders will visit India. India’s Commerce Minister Piyush Goyal has also welcomed the agreement, calling it the “mother of all trade deals” that would bring major growth opportunities for both sides. Von der Leyen added that at a time of global political and economic tensions, including differences with the US, closer cooperation between India and the EU could help both regions gain greater economic strength and strategic independence.
