NEW DELHI: India and the European Union (EU) have finalized a landmark trade deal after nearly two decades of intermittent negotiations, Prime Minister Narendra Modi announced on Tuesday, as both sides seek to hedge against increasingly uncertain ties with the United States.

Calling it the “mother of all deals,” Modi referred to the agreement that would unlock major opportunities for India’s 1.4 billion people and millions across Europe.

The pact opens India’s vast and traditionally protected market to free trade with the 27-nation EU, India’s largest trading partner.

Bilateral trade stood at USD 136.5 billion in the fiscal year through March 2025.

The deal is expected to be formally signed after legal vetting and implemented within a year.