The European Commission has proposed the landmark India-European Union free trade agreement for approval by the EU Council, taking the pact a step closer to formal signing and implementation.
The Commission said the proposed EU-India FTA would be the largest trade agreement ever concluded by both sides. The deal will eliminate or reduce tariffs on 96% of EU goods exports to India, while also removing trade barriers and providing more predictable rules for businesses.
The proposal will now require authorisation from the EU Council for the agreement to be signed. Once approved by the Council, the pact will also require the consent of the European Parliament before it can enter into force.
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India, meanwhile, is undertaking its parallel internal ratification process.
The European Commission said it is pursuing a fast-track procedure to accelerate the agreement's implementation. Formal signing and operationalisation of the FTA are expected before the end of the year.
The trade pact marks a significant step in deepening economic ties between India and the EU, with lower tariffs expected to improve market access for businesses on both sides.
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