In an emergency podcast episode, Mark Leonard welcomes James Crabtree, ECFR distinguished visiting fellow and former Mumbai bureau chief for the Financial Times, to discuss the long-awaited EU-India trade deal.

The agreement, nearly 20 years in the making, was signed in New Delhi by Ursula von der Leyen, Antonio Costa and Narendra Modi, and has been dubbed the “mother of all deals”. It aims to integrate two massive markets—representing a quarter of the global population—slash tariffs, boost services trade and reduce dependencies on China and the US.

Mark and James explore India’s strategic pivot amid US tariffs, the potential for deeper defence and tech ties, and Europe’s quest for autonomy in a multipolar world. Is this a game-changer for global trade flows? Can Europe and India forge a true superpower partnership, or will domestic politics and external pressures derail progress? And is this the birth of a new geopolitical axis?

This podcast was recorded on January 28, 2026.

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