India and the European Union have announced a major trade agreement that will create a combined market of two billion people. Indian Prime Minister Narendra Modi said the deal will generate significant economic opportunities for millions of people in India and across Europe.
According to reports, the agreement will reduce or eliminate tariffs on nearly 97 percent of EU exports and is expected to cut costs by up to 4 billion euros each year. Indian media report that the details of the deal are expected to be announced at the India–EU summit in New Delhi, while the formal signing will take place in the coming months after legal reviews are completed.
