The EU-India agreement is huge – and it illustrates the changing role of trade in a fractured world order

The recently concluded EU-India free trade agreement is notable for the huge scale and ambition of the deal. Labelled the “mother of all deals” by European Commission President Ursula von der Leyen, it comes as India has overtaken Japan as the world’s fourth-largest economy.

Bilateral trade in goods and services between the EU and India is already worth €180 billion (£155 billion). The agreement aims to double EU exports to India by 2032 and create a free-trade area representing around...