EU Hints at Investment Deal with India, Calls FTA 'Mother of All Deals'

EU hints at investment agreement with India at European Round Table for Industry

Gothenburg, May 18

Ursula von der Leyen joined the joint press meeting along with Swedish Prime Minister Ulf Kristersson and Prime Minister Narendra Modi.

"We succeeded indeed in concluding our landmark trade agreement. We call it the mother of all Deals," von der Leyen said, referring to the India-EU Free Trade Agreement (FTA).

The EU Chief said, "The aim is simple, we want to give business the information and guidance they need to start benefiting from the deal from day one on. But trade is only half of the equation."

Taking to his official X account while replying to the EU Chief von der Leyen, PM Modi said: "It was a delight to meet you in Gothenburg, President Ursula von der Leyen. Fully agree with you on the strong potential of India-Europe ties, especially in the wake of the India-EU Free Trade Agreement."

The EU Chief in a post on X said: "Happy to join @SwedishPM & PM @narendramodi in Gothenburg. Our EU-India agreement -- the mother of all deals! -- heralds a new era in our relations. We're working hard to have it applied this year. To fast-forward its benefits for our people & businesses."

She referred to the investment agreement as the "missing piece of the puzzle in our reinforced economic cooperation, especially in a world where supply chains are being reshaped and economic security challenges as never before."

"One can say the trade agreement opened the door. An investment agreement walks us through this door," she added.

With the agreement, member states like Sweden can build stronger bilateral ties with India, the EU Chief noted.

She hoped that other states with follow Sweden's example.

"In January, we not only signed the mother of all deals, but we also moved closer on security and defence, on which we signed our partnership. And with the first EU-India security and defence dialogue in New Delhi, we continue to deepen the cooperation, particularly on maritime security, where we will hold joint EU-India naval exercises," the EU Chief highlighted.

"A shared market of over 2 billion people. That is close to one quarter of global GDP. Over 9 per cent of tariff cuts. An enormous opportunity to grow trade and investment," von der Leyen said, highlighting the outcomes of India-EU FTA.

— IANS