OREANDA-NEWS  India and the European Union have fully and definitively agreed on a bilateral free trade agreement covering 25 percent of global GDP and a third of world trade, Indian Prime Minister Narendra Modi said on Tuesday.

"India and the European Union yesterday fully and definitively agreed on a free trade agreement. The agreement will become an impetus for the development of the manufacturing sector and the service sector. This agreement represents about 25 percent of global GDP and almost a third of world trade," said the head of the Indian government, quoted by the Hindustan Times newspaper.

Modi noted that many in the world consider the agreed agreement to be the "mother of all deals."