India and EU on Brink of Historic Trade Deal

India and the EU are close to finalizing a significant trade agreement aimed at enhancing economic ties. This prospective deal, anticipated to conclude soon, could open new markets and reduce reliance on China and Russia. Sensitive agricultural items remain off the negotiation table, reflecting India's protective stance.

In a move that could reshape global trade, India and the European Union are poised to finalize a landmark trade deal this month, according to Trade Secretary Rajesh Agrawal. This agreement, discussed for years, aims to deepen economic ties and reduce dependency on major economies like China and Russia.

Both parties have reportedly made significant progress, hoping to wrap up negotiations before political leaders gather in New Delhi later this month. Despite challenges, including stalled U.S.-India trade talks and sensitive sectors like agriculture being excluded, both sides are optimistic about finalizing the terms.

Significantly, the forthcoming India-EU pact seeks to expand trade in services, investment, and digital cooperation, with special focus on reducing tariffs in sectors such as automotive and medical devices. The potential deal signifies a strategic shift as protectionist policies rise worldwide.

(With inputs from agencies.)