India-EU FTA Signing and Implementation Timeline Announced
India and the 27-nation European Union will sign the free trade agreement (FTA) by December, with implementation likely in February-March next year, Commerce and Industry Minister Piyush Goyal announced on Sunday. Speaking during an interaction with chartered accountants in Mumbai, Goyal stated, "Now, with almost zero duty, almost the entire European market will be open for us. The EU's FTA will be signed by December and will be effective by February-March."
Background of the Negotiations
On January 27 this year, India and the EU concluded negotiations for what has been termed the 'mother of all deals.' Under the agreement, about 93 per cent of Indian shipments will enjoy duty-free access to the 27-nation bloc, while imports of luxury cars and wines from the EU will become less expensive. Together, India and the EU account for 25 per cent of the global GDP and approximately one-third (about USD 11 trillion) of international trade (around USD 33 trillion).
US Trade Representative to Visit India
Goyal also revealed that US Trade Representative Jamieson Greer is scheduled to visit India this week for trade pact talks. "The whole world is looking towards India," he added, highlighting the global interest in trade partnerships with the country.
Canada Expresses Interest in Trade Deal
Later, Goyal told reporters that during the G7 Summit in France, the Canadian Prime Minister expressed a desire to conclude the proposed free trade agreement with India this year. The two sides held the second round of negotiations for the Comprehensive Economic Partnership Agreement (CEPA) in May.
