'mother of all deals': india, eu move closer to concluding fta
New Delhi, Sept. 12 -- The European Commission on Friday forwarded to the European Council its proposals for the signing and conclusion of the India-European Union (EU) free trade agreement (FTA), a crucial step in plans to conclude the pact by the year-end.
India and the EU concluded negotiations for the FTA - described by both sides as the "mother of all deals" - in January this year, after resuming the talks in 2021 following a hiatus of almost a decade. Prime Minister Narendra Modi is expected to visit Brussels at the end of the year for the formal signing of the FTA.
"If authorised by the Council, this will be the largest trade agreement ever concluded by both the EU and India," the European Commission said in a statement.
Following its signing, the FTA will have to be cleared by the European Parliament for entry into force. Indian authorities are carrying out their own internal ratification procedures.
Once the FTA is adopted and enters into force, which is expected to happen early in 2027, the agreement will improve market access, reduce tariffs, tackle unnecessary barriers to trade, and provide predictable rules for trade and investment between the EU and India.
The European Commission, which is the EU's main executive body that proposes legislation and upholds EU treaties, said the proposal put forward on Friday is a key step to ensure that consumers and businesses can reap the benefits of the FTA as soon as possible. P12...
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