New Delhi, Feb. 3 -- The signing of the European Union-India Free Trade Agreement (FTA) on 27 January in New Delhi was greeted with great enthusiasm, hailed by some as the "mother of all deals." Yet, as the initial euphoria fades, it is necessary to take a more measured look at both the promise and the challenges of the agreement.

Some media reports and commentators in India have mistakenly portrayed the FTA as a concluded deal ready for immediate implementation, but this is far from the truth. The signatures in New Delhi marked only the conclusion of negotiations, which took nearly 20 years to finalize. Talks between Brussels and New Delhi began in 2007 but soon stalled over differences on key issues, including agriculture and automobil...