India, Jan. 27 -- Prime Minister Narendra Modi on Tuesday hailed the India-European Union Free Trade Agreement (FTA) as the "mother of all deals", saying it would open up massive opportunities for people and businesses on both sides and deepen ties between two of the world's largest economies.

"Yesterday a big agreement was signed between the European Union and India. People are calling this the mother of all deals. This agreement will bring major opportunities for the public in India and Europe. This is a perfect example of a partnership between two major economies of the world," Modi said, adding that the pact represents 25 per cent of global GDP and nearly one-third of global trade.

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