New Delhi [India], January 27 (ANI): Union Minister Piyush Goyal on Tuesday hailed the India-European Union Free Trade Agreement (FTA), describing the deal as a 'formidable partnership' for both sides in the world.

In a post on X, Goyal noted the significance of the trade deal, which aims to strengthen economic ties between India and the EU, enhance trade and investment flows, and foster collaboration across multiple sectors.

'A formidable partnership for the world!' he wrote, sharing a clip of Prime Minister Narendra Modi meeting President of the European Council Antonio Luis Santos da Costa and President of the European Commission Ursula Von Der Leyen as the leaders display the spirit of bonhomie at Hyderabad House in the national capital.

The European leaders are on a state visit to the country, which coincided with the 16th India-EU Summit in New Delhi, co-chaired by PM Modi.

Following their meeting with PM Modi, the President of the European Commission took to X, noting that, 'Europe and India are making history today.'

In a post on X, she stated that both sides concluded the deal, which has been described as the 'Mother of All Deals,' noting that this was just the 'beginning'.

'We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit. This is only the beginning. We will grow our strategic relationship to be even stronger,' von der Leyen wrote in her post.

The free trade agreement between India and the EU, first initiated in 2007, is expected to anchor a broader economic and strategic partnership as global trade dynamics shift.

On Monday, the negotiations for the 'Mother of all deals', as it has been called, concluded successfully and will be announced today during the India-EU summit.

At the summit, leaders are expected to adopt a joint EU-India comprehensive strategic agenda that aims to increase strategic cooperation across four areas, reinforced by enablers across the following pillars: prosperity and sustainability, technology and innovation, security and defence, and connectivity and global issues.

Leaders will also discuss trade in the context of the now-concluded free-trade agreement that started in 2007 (and was relaunched in 2022). This agreement would boost bilateral trade and investment ties and drive shared prosperity.

Earlier today, India and the EU also inked the security and defence partnership here in the national capital.

EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas, on the occasion, said, 'The signing of the Security and Defence Partnership is a milestone, and we can build on that. There is so much more we can work together on in the multilateral fora, as well as bilaterally, to further develop defence cooperation.'

With the signing of the deal, India becomes the third Asian country to have such a deal with the EU after Japan and South Korea. (ANI)