The European Union is on the cusp of signing a historic trade agreement with India that is being called 'the mother of all deals', European Commission President Ursula von der Leyen announced on Tuesday, asserting it will create a market for 2 billion people or about one-fourth of the global GDP.

In a special address here at the World Economic Forum Annual Meeting, she said the real would crucially provide a first-mover advantage for Europe with one of the world's fastest-growing and most dynamic continents.