India-EU Trade Pact: A New Era of Mediation and Market Expansion

The ambitious free trade agreement between India and the EU introduces mediation in disputes, aiming at swift resolutions. With the pact, 93% of Indian exports gain duty-free access to the EU, significantly impacting $11 trillion in international trade. Details await final signing after legal review.

India and the European Union (EU) have concluded negotiations on a landmark free trade agreement, with new provisions emphasizing mediation for dispute resolution. This significant step aims to address disagreements swiftly and effectively, paving the way for mutually agreeable solutions and the seamless application of the agreement's terms.

The agreement, dubbed the 'mother of all deals', will offer 93% of Indian exports duty-free access to the EU. In return, the EU sees reduced tariffs on luxury cars and wines. Following legal revisions, the pact is expected to be signed and implemented next year, impacting a substantial portion of international trade.

With 20 chapters, including a focus on digital trade and regulatory cooperation, the detailed mediation process indicates both parties' priorities. The deal marks a monumental development for the nearly 2 billion consumers it will serve, reflecting the combined economic might constituting a quarter of the global GDP.

(With inputs from agencies.)