India is close to signing a trade deal with the European Union, EU chief Ursula von der Leyen said during the World Economic Forum in Davos on Tuesday.“There’s still work to do. But we’re on the cusp of a historic trade deal.” Some people call it the mother of all deals. That will create a market of 2 billion people, accounting for almost a quarter of global GDP,” he said, underscoring the EU’s efforts to expand and diversify its trade partnerships.
She also linked trade promotion to the upcoming high-level partnership and said she would visit India next weekend after the World Economic Forum in Davos. He said the purpose of the visit is to advance the proposed trade agreement and stressed that important work remains to strengthen economic ties and deepen cooperation between Europe and India. Von der Leyen is among the chief guests of the 77th Republic Day celebrations. During the India visit, the EU chief, along with European Council President Antonio Luis Santos da Costa, will also co-chair the 16th India-EU Summit on January 27.Talking about the proposed agreement with India as part of Europe’s broader global strategy, von der Leyen said the continent is open to doing business with partners around the world and will continue active engagement. “Europe will always choose the world, and the world is ready to choose Europe,” he said, stressing the EU’s determination to expand international trade and cooperation.Last week, Commerce and Industry Minister Piyush Goyal had also said that the free trade agreement between India and the European Union, where negotiations are in the final stages, will be the “mother of all deals” signed by the country so far. “I have done seven deals so far. All developed economies. The Union Minister said, this will be the mother of all.“We are getting a super deal. Even in areas of interest to the EU, we are giving them a super deal. It should be win-win. The good thing is that we do not compete with each other. We have different interests,” he said.Before Goyal, Commerce Secretary Rajesh Aggarwal said the two sides have completed talks on 20 of the 24 chapters, with efforts underway to conclude the talks by January 26.
