New Delhi, Jan. 28 -- The India-EU Free Trade Agreement concluded on Tuesday after long negotiations and is expected to significantly enhance bilateral trade and investment ties, strengthen supply chains, and deepen economic cooperation between India and the European Union.

Ministry of External Affairs sources said that the actual formalisation of the deal is likely to happen within a year. Normally, this process could take up to two years but there has been a strong political will shown by the two sides, and this has resulted in an urgency in the process which is now expected to conclude in a year.

Sources described the deal as a "living agreement". The European Union comprises 27 countries and there could be challenges in terms of som...