Pakistan, Jan. 15 -- India is close to signing a major trade deal with the European Union this month, trade secretary Rajesh Agrawal said. The agreement would open India's massive market of over 1.4 billion consumers to European goods. Leaders aim to finalize it ahead of India's Republic Day celebrations and an EU-India summit.

Agrawal said negotiations were "very close" and both sides were exploring whether they could wrap up the pact quickly. German Chancellor Friedrich Merz confirmed EU leaders plan to travel to India to seal the deal if talks conclude on time.

Read more: Merz hints at EU-India free trade agreement by January

The trade agreement could reshape global commerce as protectionism rises and a U.S.-India trade deal remains...