European Commission president Ursula von Der Leyen and European Council president Antonio Costa are in New Delhi this week as the chief guests for India‘s Republic Day celebrations and for the 16th EU-India Summit.

It’s a huge moment for Europe and India. The two sides finalized a long-awaited free trade agreement, nicknamed the “Mother of All Deals” by von Der Leyen and India’s Trade Minister Piyush Goyal. It will create, as von Der Leyen pointed out in her speech in Davos, a free market of 2 billion people, accounting for a quarter of global GDP. The two sides also discussed a security and defense partnership, an agreement on information security, and a memorandum of understanding on a mobility framework.