EU moves landmark India trade deal to Council for approval
European Commission seeks Council approval to sign and conclude the EU-India FTA, which could become the largest trade agreement ever concluded by the two sides.
The European Commission has formally put forward proposals to the European Council for the signing and conclusion of the EU-India Free Trade Agreement (FTA), marking a major step towards implementing the landmark trade pact.
If approved by the Council, the agreement would become the largest trade deal ever concluded by the European Union and India, paving the way for deeper economic and investment ties between the two sides.
The pact is designed to improve market access, reduce tariffs, remove unnecessary trade barriers and establish more predictable rules for trade and investment.
The European Commission said the EU and India currently trade more than €180 billion ($210 billion) worth of goods and services annually, supporting nearly 800,000 EU jobs.
Under the agreement, tariffs would be eliminated or reduced on 96% of EU goods exports to India, with the tariff cuts expected to save European exporters around €4 billion annually in duties.
The Commission said the deal would make it easier for European companies to enter and compete in the Indian market, while consumers could benefit from greater choice and more competitive prices.
The proposal is part of a fast-track approach to implementing trade agreements, aimed at ensuring businesses and consumers can benefit from the pact as quickly as possible amid growing geopolitical uncertainty and pressure on the global trading system.
EU Trade and Economic Security Commissioner Maroš Šefčovič said the focus was on ensuring that businesses and citizens see tangible benefits from the agreement as soon as possible.
The Commission’s proposals will now require Council approval for signature. The agreement will subsequently need the European Parliament’s consent before it can be formally concluded and enter into force. India is also undertaking its own internal procedures for ratification.
The agreement marks a significant push by the EU to strengthen economic ties with India and deepen its engagement with a key partner in the Indo-Pacific region.
Source: www.firstpost.com