India-EU free trade deal by Dec, rollout next year

The India-EU trade deal promises wider market access, stronger exports and lower import duties

Union Commerce and Industry Minister Piyush Goyal on Sunday said India and the European Union are expected to sign their long-awaited free trade agreement by December, with implementation likely between February and March next year, PTI reported.

Speaking at an interaction with chartered accountants in Mumbai, Goyal said the landmark pact would significantly strengthen India’s trade position by expanding access to one of the world’s largest consumer markets.

He said the agreement would open almost the entire European market to Indian exporters with near-zero duties, creating major opportunities for sectors such as textiles, engineering goods, pharmaceuticals and chemicals. Under the pact, nearly 93% of Indian shipments are expected to enjoy duty-free access to the 27-nation bloc.

The deal is also expected to make imports of European luxury cars and wines cheaper in India, benefiting consumers while boosting bilateral trade and investment flows. India and the EU together account for nearly 25% of global GDP and about one-third of global trade, highlighting the strategic importance of the agreement. Goyal also said Jamieson Greer will visit India this week for discussions on the proposed India-US trade pact, signalling continued momentum in global trade negotiations.

He further said that during the G7 Summit in France, Canada’s Prime Minister expressed interest in concluding the proposed trade agreement with India this year, underlining growing global confidence in India’s economic rise.