India-EU trade deal finalised, says commerce secy; to take effect next year
India and the European Union (EU) have successfully concluded negotiations for the proposed Free Trade Agreement, commerce secretary Rajesh Agrawal said on Monday.
He said the deal, to be announced formally on January 27, is “balanced and forward-looking,” which will help improve India’s economic integration with the EU.
“The deal will come into force sometime next year. Legal scrubbing of the text will take 5-6 months; formal signing will be done post that,” Agrawal was quoted as saying.
“Negotiations have been successfully concluded. The deal has been finalised. It will propel trade and investments in both economies,” he added.
European Council President Antonio Costa and European Commission President Ursula von der Leyen are in New Delhi on Monday as chief guests for the 77th Republic Day and to partcipate in the 16th India-EU Summit.
Prime Minister Narendra Modi said India is privileged to host the leaders, adding that the presence of the EU delegation underscores the growing strength of their partnership. In a post on X, the commission said, “Our partnership is built on a shared goal to tackle the world’s greatest challenges. As we look forward to tomorrow’s EU-India Summit, we are ready to take our next step together.”
European Union Trade Commissioner Marcos Sefcovic said the long-awaited agreement could significantly open the Indian market to European firms. In an interview with Euro News ahead of the high-level EU-India summit, Sefcovic also described the pact as the “mother of all deals”, using Ursula von der Leyen’s words.