European Commission President Ursula von der Leyen on Tuesday announced that India and the European Union (EU) have concluded negotiations on the “mother of all deals.” She added that this marks only the beginning, with both sides committed to further strengthening their strategic relationship.
Heaping praise on the India–EU trade pact, von der Leyen said the agreement would create a free trade zone encompassing nearly two billion people, with both sides set to benefit economically and strategically.
In a post on
Add Zee News as a Preferred Source
Following the successful conclusion of talks on the India–EU Free Trade Agreement (FTA), the formal signing of the pact will take place after the completion of legal text review, a process expected to take around five to six months.
“Formal deal signing to be done after legal scrubbing. The deal will be balanced, forward-looking and help with better economic integration with the EU. Deal will propel trade and investment between both sides. The deal will enter into force sometime next year. Legal scrubbing of text to take 5-6 months, formal signing to be done post that,” ANI quoted Commerce Secretary Rajesh Agrawal as saying.
With the finalization of the India–EU FTA, India becomes the third Asian country, after Japan and South Korea, to enter into a trade pact with the European Union.
Earlier in the day, Prime Minister Narendra Modi also welcomed the agreement, saying it would provide a significant boost to India’s manufacturing sector, expand services, and enhance investor confidence.
“Manufacturing will get a huge boost from this trade deal with the EU, and the services sector will also expand. The Free Trade Agreement will boost the confidence of every investor and businessman to invest in India,” PM Modi said.
Prime Minister Modi added that the free trade agreement with the EU would build on and complement India’s existing trade pacts with the United Kingdom and the European Free Trade Association (EFTA).
