India-EU Free Trade Deal “Very, Very Close” to Signing
The European Union has announced that the long-awaited free trade agreement (FTA) with India is on the verge of being finalised, with only the “last issues” remaining to be resolved.
Key Takeaways
- EU Trade Commissioner Maros Sefcovic expressed high confidence in concluding negotiations soon.
- The deal, under discussion since 2007, was revived in 2021 after a long stall.
- The EU is India’s largest trading partner, with bilateral trade exceeding €100 billion.
“We are very, very close. We are working on the last issues. I am very confident that we will be able to conclude the negotiations,” Sefcovic said at a press conference in New Delhi.
Long Road to a Landmark Deal
Negotiations for the India-EU FTA began in 2007 but hit a major roadblock in 2013. Talks stalled over key disagreements, including market access terms, intellectual property rights, and data security regulations.
The process was revived in 2021, leading to several productive rounds of discussions that have brought both sides to the final stage.
Significance of the Partnership
The European Union holds the position of India’s largest trading partner. In 2022 alone, bilateral trade in goods and services was valued at over 100 billion euros.
The finalised FTA is projected to provide a significant boost to trade volumes and mutual investment, strengthening economic ties between the two major economies.
