India and the European Union announced Tuesday the “mother of all deals”, a huge trade pact to create a market of two billion people, reached after two decades of negotiations. EU chiefs and Prime Minister Narendra Modi hope the pact will help shield against challenges from the world’s two leading economies, the United States and China. The agreement will cut or eliminate tariffs on almost 97% of European exports, saving up to €4 billion ($4.75 billion) annually in duties, the 27-nation bloc said.
