The European Union is on the verge of concluding a free trade agreement with India, although work remains to get it over the line, European Commission President Ursula von der Leyen said in a speech at the World Economic Forum in Davos in Switzerland.
"There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of two billion people, accounting for almost a quarter of global GDP," she said in a section of her speech on EU efforts to diversify its trade.
Ms von der Leyen is expected to visit India early next week.
Ms von der Leyen also warned the United States that hitting allied European nations with punitive tariffs over Greenland would be a "mistake".
"The proposed additional tariffs are a mistake especially between long-standing allies," she said.
Ms von der Leyen also vowed that Europe's response to President Donald Trump's repeated threats on Greenland and tariffs will be "unflinching".
"Plunging us into a downward spiral would only aid the very adversaries we are both so committed to keeping out of the strategic landscape. So our response will be unflinching, united and proportional," Ms von der Leyen said.
Her speech comes after Mr Trump said that he will impose a 200% tariff on French wines and champagnes, a move he claimed would push the French president to join Mr Trump's so-called 'Board of Peace' initiative aimed at resolving global conflicts.
When asked by a reporter about Emmanuel Macron saying he will not join the board, Mr Trump said: "Did he say that? Well, nobody wants him because he will be out of office very soon.
"I'll put a 200% tariff on his wines and champagnes, and he'll join, but he doesn't have to join," Mr Trump said.
France intends to decline the invitation to join the initiative, at this stage, a source close to Mr Macron said yesterday.
Watch: 'I'll put a 200% tariff on his wines and champagnes, and he'll join', Trump says of Macron
Mr Trump originally proposed establishing the board of peace when he announced last September his plan to end the war in Gaza. However an invitation sent to world leaders last week outlines a broad role ending conflicts globally.
A draft charter sent to about 60 countries by the US administration calls for members to contribute $1 billion in cash if they want their membership to last more than three years, according to the document seen by Reuters.
Governments reacted cautiously on Sunday to Mr Trump's invitation, a plan that diplomats said could harm the work of the United Nations.
Yesterday, Mr Trump also said he has invited Russian President Vladimir Putin to be a member of the peace board. "He's been invited," Mr Trump said.
Read more:
Does Donald Trump's 'Board of Peace' undermine the UN?
Watch: A rewind of Trump's first year back in office
Live: Updates as they happen
Europe won't 'push back too much' on Greenland
Mr Trump has also said that he thought European leaders would not "push back too much" on his attempt to buy Greenland.
"I don't think they're gonna push back too much. We have to have it. They have to have this done," he told a reporter yesterday who asked what Mr Trump planned to say to European leaders who opposed his plans.
Watch: Trump says Denmark cannot protect Greenland
The US president has said that he had a "very good" telephone call with NATO Secretary General Mark Rutte concerning Greenland.
Mr Trump also said he had agreed to a meeting of various parties at the World Economic Forum in Davos, Switzerland.
He did not specify who the various parties were.
Yesterday, he said that the US would talk about acquiring Greenland at the World Economic Forum because Denmark cannot protect the territory.
"We have to have it. They have to have this done. They can't protect it, Denmark, they're wonderful people," he told reporters.
