India-EU FTA: Forging a Path to Prosperity

India and the European Union have concluded negotiations on a landmark free trade agreement. Dubbed the 'mother of all deals,' it offers 93% of Indian shipments duty-free access to the EU. The agreement, anticipated to be enacted by 2027, affirms a new economic alliance, potentially transforming trade dynamics.

India and the European Union on Tuesday successfully wrapped up negotiations for a comprehensive free trade agreement, hailed as the 'mother of all deals.' This landmark agreement will offer 93% of Indian shipments duty-free access to the 27-member EU bloc, significantly impacting the trade landscape.

The deal, which took over two decades to negotiate, sets the stage for a thriving market of nearly 2 billion people across India, the world's fourth-largest economy, and the EU, representing the second-largest economic bloc. Collectively, India and the EU hold 25% of global GDP and manage one-third of international trade, approximately USD 11 trillion out of USD 33 trillion worldwide.

The pact, which Prime Minister Narendra Modi described as a new blueprint for shared prosperity, is expected to stimulate unprecedented market access for over 99% of India's exports by value, according to Commerce and Industry Minister Piyush Goyal. Once implemented, this agreement will position the EU as India's 22nd FTA partner, reinforcing India's global trade engagements.

(With inputs from agencies.)