Union Commerce and Industry Minister Piyush Goyal said India and the European Union are expected to sign their long-awaited Free Trade Agreement (FTA) by December this year, with the pact likely to come into force between February and March next year.
Speaking at an event in Mumbai today, Mr Goyal said the agreement will provide Indian businesses access to almost the entire European market at near-zero duty levels, significantly boosting export opportunities. He said around 93 per cent of Indian exports are expected to receive duty-free access under the proposed pact, which was concluded in principle earlier this year after prolonged negotiations between India and the 27-member European Union bloc.
The Minister described the agreement as a major milestone for India’s trade sector and said it would strengthen economic ties with one of the country’s largest trading partners.
The India-EU trade deal, often described by policymakers as the “mother of all deals”, was announced in January after negotiations spanning nearly two decades. It is currently undergoing legal scrutiny and procedural formalities before formal signing and implementation
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