EU-India FTA: The 'Mother of All Deals'

The EU-India Free Trade Agreement is a transformative deal fostering trade, AI, and supply chain collaborations, benefiting nearly 200 crore people. Austria's State Secretary Alexander Proll calls it the 'mother of all deals'. Tariffs on exports are significantly reduced, and full implementation is anticipated by next year.

The landmark EU-India Free Trade Agreement (FTA) is being hailed as a significant milestone in international relations, according to Austria's State Secretary in the Federal Chancellery, Alexander Proll. He described the agreement, which encompasses opportunities in trade, artificial intelligence, and resilient supply chains, as the 'mother of all deals.'

Proll praised the agreement's potential to benefit nearly 200 crore people and establish one of the world's largest free trade zones. The FTA is particularly notable for eliminating or reducing tariffs on 96.6% of EU exports to India and 99.5% of Indian exports to the EU by trade value, following its finalization after years of negotiation.

Highlighting future areas of collaboration, Proll emphasized the importance of AI and building mutual dependencies on global supply chains to enhance sovereignty. Proll's vision for AI is focused on a human-centred approach that supports democracy and innovation. The agreement is pending final legal vetting and ratification, with implementation expected soon.

(With inputs from agencies.)