India-EU Trade Deal: Legal Scrubbing Done, Signing Expected 2024
By Business Desk
India and the EU finalize legal scrubbing of their free trade agreement. Signing anticipated this year, promising major economic shifts and duty-free access for 93% of Indian goods to the EU.
India and the 27-nation European Union have completed the legal scrubbing of their free trade agreement text, an official confirmed on Thursday. This significant trade pact is now anticipated to be signed later this year on a mutually agreed date.
The conclusion of negotiations for this landmark agreement, often referred to as the “mother of all deals,” was initially announced on January 27. Its finalization marks a crucial step in strengthening economic ties between the two major global players.
Economic Impact and Market Access
Under the terms of the agreement, Indian exports are poised for substantial gains, with 93% of goods set to receive duty-free access to the EU market. Conversely, European Union-produced luxury cars and wines imported into India are expected to become more affordable for consumers.
The combined economic power of India and the EU is considerable, collectively accounting for 25% of the global GDP. Their trade relationship represents approximately one-third of international trade, valued at about USD 11 trillion out of a global total of USD 33 trillion.
The expected signing of this comprehensive trade pact later in the year signifies a deepened economic partnership, potentially reshaping global trade dynamics for both India and the European Union.