India-EU Mega Free Trade Deal Nears Completion

The legal details of the free trade agreement between India and the European Union are expected to be finalized by July. This landmark deal will enable 93% of Indian exports to have duty-free access, while European luxury imports will become cheaper. It covers a market of 2 billion people.

The final legal steps in the free trade agreement (FTA) between India and the European Union are anticipated to be completed by July, according to an official source. This follows the January announcement marking the end of negotiations for what is called the 'mother of all deals.'

The agreement promises significant economic benefits, allowing 93 percent of Indian shipments duty-free entry into the 27-nation bloc. Conversely, imports of high-end European products like luxury cars and wines to India will see reduced tariffs, enhancing affordability for consumers.

After nearly two decades of negotiations, this market integration impact extends over two billion potential consumers. Following the legal refinement of the agreement, it is poised for official signing and possible activation next year.

(With inputs from agencies.)