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.

Axar.az informs, citing AP, 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 percent of the global GDP and one-third of global trade,” Modi said while virtually addressing an energy conference.

Bilateral trade between India and EU stood at $136.5 billion in 2024-25. The two sides hope to increase that to about $200 billion by 2030, India’s Trade Ministry officials said.

Modi was scheduled to meet with European Commission President Ursula von der Leyen later Tuesday to jointly announce the agreement.