New Delhi, Jan. 28 -- Prime Minister Narendra Modi and his government deserve applause for concluding a landmark trade deal with the European Union (EU). The agreement negotiated over the last six months reflects maturity and avoids red lines for both sides while focusing on their complementarities.

The deal has rightly been characterized as the 'mother of all deals.' The EU is the world's second-largest economic bloc, with a GDP of $19.5 trillion; it imports goods from outside the bloc worth $3 trillion, accounts for 12.3% of global trade and has a population of 450 million. Together, India and the EU form a market of about $24 trillion with nearly two billion people.

Indian businesses gain access to a market five times India's GDP, wh...