Washington DC [US], January 31 (ANI): India and the European Union have finalised negotiations on a Free Trade Agreement hailed as the 'mother of all deals' that aims to deepen cooperation in innovation, technology and trade, with the pact expected to come into force in 2027.

The development was highlighted during a session titled 'Exploring Global AI Policy Priorities Ahead of the India AI Impact Summit', where speakers pointed to the deepening India-EU partnership, particularly across innovation, commerce and technology.

Addressing the gathering, Laurent Bili, French ambassador to the United States, said the FTA strengthens engagement between Europe and India across key sectors.

On the India-EU FTA, Bili said, 'It is a good news and we can make a link with the concept of innovation between France and India because it's really about EU and India reinforcing their ties, of course, in economic, but also in technological and scientific cooperation, and just to have a two-way bridge to make our countries stronger together. And so I think it's very good news for us.'

Building on this, Indian Ambassador to the US Vinay Mohan Kwatra pointed to the long duration of talks and the breadth of the agreement, stressing that it extends beyond trade in goods.

On the India-EU FTA, Kwatra said, 'India-EU FTA has been under discussion for more than 18 years now. One key aspect to look at would be the comprehensive nature of the India-EU FTA. It is spread across several chapters, which are naturally, legally binding aspects of it. It is comprehensive in the fact that it includes trade in goods, probably trade in services also, and naturally, in investments, and technology.'

These remarks come against the backdrop of India and the European Union formalising multiple agreements on January 27 in the presence of Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa.

Notably, both sides also agreed on a strategy document titled 'Towards 2030 - A Joint India-European Union Comprehensive Strategic Agenda,' reflecting the expanding scope of India-EU strategic cooperation.

Among the agreements exchanged was the political declaration on the conclusion of negotiations on the India-EU Free Trade Agreement, signed by Commerce Minister Piyush Goyal and European Union Trade Commissioner Maros Sefcovic.

The India-EU Security and Defence Partnership document was signed by EU Vice President Kaja Kallas and External Affairs Minister S Jaishankar, while the comprehensive framework on mobility was signed by Maros Sefcovic and Jaishankar, underlining the wide-ranging and multifaceted nature of India-EU strategic cooperation. (ANI)