New Delhi, Jan. 28 -- Good morning!

After nearly two decades of negotiations, India and the European Union (EU) have finally clinched a sweeping free trade agreement-one that both sides are calling the "mother of all deals". The timing matters. With global trade getting more fragmented, this pact is as much about strategy as it is about tariffs.

At its core, the deal throws open massive markets on both sides, while carefully ring-fencing political red lines. Sensitive farm products, dairy, cereals and poultry for India; beef, sugar and rice for the EU stay protected.

But beyond agriculture, the opening is dramatic. Over 99% of Indian exports by value will get preferential or duty-free access to Europe, giving a big lift to labour-inten...