Davos [Switzerland], January 20 (ANI): European Commission President Ursula von der Leyen on Tuesday stated the European Union is close to finalising a Free Trade Agreement with India and noted that some describe it 'the mother of all deals'.

Addressing the World Economic Forum in Davos, she stressed Europe's intent to expand trade and international cooperation.

She also referred to the scale of the proposed trade deal with India.

'There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,' von der Leyen said.

The President of the European Commission said she will travel to India next weekend. She said the visit is aimed at taking forward work on the proposed trade agreement and added that there is important work to be done to strengthen economic relations and deepen cooperation between Europe and India.

Placing the proposed India agreement in Europe's larger global trade approach, von der Leyen said Europe remains open to doing business with partners worldwide.

'Europe will always choose the world, and the world is ready to choose Europe,' she said.

She said Europe's focus is on building a stable, well-regulated environment that encourages investment, boosts trade, and supports sustainable economic growth.

Along with trade and investment, von der Leyen identified energy as a major pillar of Europe's growth agenda, saying Europe intends to build an energy union that can deliver homegrown, reliable and cheaper energy to support economic expansion. She added that Europe needs an 'urgency mindset' to address energy challenges and ensure a sustainable future.

Speaking on wider strategic priorities, von der Leyen said Europe has achieved more in defence in the past year than in the decades earlier, with member states increasing investments to record levels. She also noted that three leading European defence technology startups have reached unicorn status, reflecting Europe's growing innovation and strength in the defence sector.

President of the European Council Antonio Luis Santos da Costa and European Commission President Ursula von der Leyen will be Chief Guests at India's 77th Republic Day celebrations.

The two EU leaders will undertake a three-day State Visit to India from January 25.

During the visit, the leaders will also co-chair the 16th India-EU Summit on January 27. President Costa and President von der Leyen are scheduled to meet President Droupadi Murmu and will hold restricted as well as delegation-level talks with Prime Minister Modi.

An India-EU Business Forum is also expected to be organised on the sidelines of the India-EU Summit.

India and the European Union have been strategic partners since 2004 and the 15th India-EU Summit was held virtually on July 15, 2020.

The Ministry of External Affairs had said in a release that India-EU bilateral engagement has expanded and deepened across a wide range of areas, particularly after the historic visit of the EU College of Commissioners to India in February last year. (ANI)