Business
EU Commission Advances India Trade Deal, Seeks Council Approval
The European Commission has formally proposed the India-EU Free Trade Agreement for signing and conclusion, bringing the landmark pact closer to finalisation.
The European Commission has formally proposed the India-EU Free Trade Agreement (FTA) to the European Council, seeking its approval for the landmark pact's signing and conclusion. This crucial development marks a significant advancement in the long-negotiated trade deal, which is now anticipated to be formally signed by the close of the current year.
The proposal by the European Union's executive arm brings the comprehensive agreement closer to reality, following extensive discussions between New Delhi and Brussels. The FTA is designed to substantially reduce trade barriers, with provisions to cut tariffs on 96% of goods exported from the European Union to India.
Once approved by the European Council, which serves as the top political body of the European Union, the agreement will then proceed to the European Parliament for a final vote. This multi-stage approval process underscores the significance and scale of the bilateral trade accord.
Observers note that the Commission's latest move signals a strong commitment from both sides to deepen economic ties and foster greater trade liberalisation. The successful conclusion of the FTA is expected to unlock considerable economic benefits, streamline trade flows, and enhance cooperation across various sectors between India and the EU.
Reporting by the The Indian Morning Post Editorial Desk.
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