India-EU FTA progress: European Commission moves to get it signed
The European Commission has formally proposed signing a Free Trade Agreement with India. This proposal clears the path for early approval by the European Council. Over ninety-nine percent of Indian exports will gain duty-free entry into the EU bloc. The European Union will receive access to the Indian market for cars and wines. Both sides anticipate the Free Trade Agreement will come into force…
The European Commission has officially forwarded its proposal to the European Council to sign and finalize the Free Trade Agreement (FTA) with India, a significant milestone towards realizing the "mother of all deals". Jean-Eric Paquet, the EU's Ambassador-designate to India and Bhutan, expressed excitement on social media, stating that this agreement represents a bold move for two major economies.
The FTA, announced in January, eliminates tariffs on over 99% of Indian exports, including apparel, chemicals, and footwear, for entry into the 27-nation EU bloc, while granting EU access to the Indian market at reduced rates for cars and wines. The European Council, the EU's top political decision-making body, and the European Commission, its executive arm proposing legislation, are now awaiting the EU Parliament's endorsement of the agreement before it can be signed, ratified, and come into force by early 2027, following the fast-track procedure initiated by EU Trade Commissioner Maroš Šefčovič to expedite such deals amid global uncertainties.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
