Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

EU-India FTA: European Commission sends landmark trade deal to council for signature, paving way for ratification

The European Commission has asked EU member states for approval to sign and conclude its landmark Free Trade Agreement with India, a deal that would eliminate or reduce tariffs on 96% of EU goods exports and save exporters an estimated €4 billion a year. Once cleared by the Council, the pact still needs European Parliament consent and India's own ratification before it can enter into force.

EU-India FTA: European Commission sends landmark trade deal to council for signature, paving way for ratification

The European Commission has pushed for all-English trade deals, despite opposition from France, according to a recent report. The EU executive aims to expedite the ratification process by skipping the translation of agreements into the bloc's 24 official languages. Commission Deputy Chief Spokesperson Olof Gill stated that the goal is to finalize the EU-India trade deal within the current calendar year.

However, France is rejecting the idea of single-language documents, arguing that translation is an obligation, particularly for technical provisions in the agreements. The European Parliament's approval is necessary for the ratification of EU trade deals, often accompanied by those of national parliaments. The Commission plans to translate the EU-India trade deal after the signature process and before it is presented to the European Parliament.

While it is unclear if the Commission's commitment will ease French opposition, Paris previously opposed the EU-Mercosur agreement, which was later suspended due to legal referral. French opposition to the EU-India deal might be driven by non-trade-related considerations, as France supports the deal in principle, given Paris' strategic partnership with India in the Asia-Pacific region.

Written by urgent.news from Euronews Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

This story

This is one outlet's version. Read the fullest account.

Read the original at economictimes.indiatimes.com →

More in Finance & Markets

More from Friday 11 September →