New Delhi, Jan. 20 -- India and the European Union are on the cusp of a "historic trade agreement" that would create a market comprising two billion people accounting for almost a quarter of the global GDP, European Commission President Ursula von der Leyen said on Tuesday, days before her trip to New Delhi.

"I will travel to 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," she said in a televised address at the World Economic Forum in Davos.

President of the European Council Antonio Costa and von der Leyen will be in India from January 25 to 27 to grace the Repu...