New Delhi: India and the European Union are on track to sign their long-awaited Free Trade Agreement by December, with implementation expected between February and March 2027, Commerce and Industry Minister Piyush Goyal has said.
The agreement, described as one of the most significant trade pacts negotiated by India, is expected to substantially strengthen economic ties between India and the 27-member European bloc. Negotiations for the deal were concluded earlier this year after extensive discussions between the two sides.
According to Goyal, the agreement will provide Indian businesses with unprecedented access to the European market. Nearly 93 per cent of Indian exports to the EU are expected to receive duty-free access, enhancing the competitiveness of Indian products across a wide range of sectors.
The pact is also expected to benefit Indian consumers by reducing tariffs on certain European products. Imports such as luxury automobiles and wines from the EU are likely to become more affordable once the agreement comes into force.
The economic significance of the partnership is considerable. Together, European Union member states and India account for roughly a quarter of global gross domestic product and nearly one-third of worldwide trade, making the agreement one of the most consequential trade arrangements for both sides.
Goyal also indicated that trade negotiations with other major economies are progressing. He revealed that Jamieson Greer is expected to visit India this week for discussions on a proposed trade agreement between India and the United States.
In addition, the minister said that discussions with Canada are gaining momentum. During recent interactions, Canadian leaders reportedly expressed interest in concluding a proposed free trade agreement with India within the current year.
The developments reflect India’s growing role in global trade and its efforts to expand market access through strategic economic partnerships. If completed on schedule, the India-EU agreement is expected to become one of the most influential trade deals in India’s history, creating new opportunities for exporters, investors and businesses on both sides.
