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India, EU finalise talks on 'mother of all deals', pact to be signed today
India, EU finalise talks on ‘mother of all deals’, free trade pact to be signed today
India and the European Union have concluded negotiations on a long-pending free trade agreement, described as the “mother of all deals”, at a high-level summit in New Delhi. The pact is expected to boost market access, cut tariffs on most goods, and strengthen strategic ties amid global trade uncertainty.
India and the European Union are set to announce the conclusion of negotiations on a long-awaited free trade agreement at a high-level summit in New Delhi today, marking a landmark breakthrough after nearly two decades of talks. Prime Minister Narendra Modi will host European Commission President Ursula von der Leyen and European Council President Antonio Costa, with the meeting also expected to finalise a strategic defence partnership and a mobility framework. Together, the agreements are seen as laying the foundation for a broader India-EU strategy amid shifting global trade and security dynamics driven in part by recent US policy changes.
Commerce Secretary Rajesh Agrawal confirmed on Monday that negotiations on the comprehensive free trade agreement (FTA) had been successfully completed.
“Negotiations have been successfully concluded. The deal has been finalised,” Agrawal said, describing the agreement as balanced and forward-looking from India's perspective. He added that it would help integrate India more deeply with the European economy, according to PTI.
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Von der Leyen, who was the chief guest at India's Republic Day celebrations, highlighted the strategic importance of closer ties. “A successful India makes the world more stable, prosperous and secure, and we all benefit,” she said in a post on X.
Agrawal said legal vetting of the FTA text was underway, with both sides working to complete procedural steps. While the announcement is expected today, the agreement is likely to be formally signed later this year and could come into force early next year.
The pact will require approval from India's Union Cabinet and ratification by the European Parliament, a process expected to take several months.
Commerce and Industry Minister Piyush Goyal has previously described the agreement as “the mother of all deals”, reflecting its scale and strategic importance. Negotiations began in 2007, making it one of India's longest-running trade discussions.
The FTA spans 24 chapters covering trade in goods, services and investment, alongside parallel talks on investment protection and Geographical Indications.
The agreement is expected to provide duty-free or preferential access for a wide range of Indian exports, particularly from labour-intensive sectors such as textiles, chemicals, gems and jewellery, electrical machinery, leather and footwear.
The EU's average tariff on Indian goods currently stands at about 3.8 per cent, rising to nearly 10 per cent for labour-intensive products. India's weighted average tariff on EU imports is around 9.3 per cent, with higher duties on automobiles, plastics, chemicals and pharmaceuticals.
Under a standard FTA framework, both sides are expected to reduce or eliminate tariffs on more than 90 per cent of traded goods and ease restrictions in services, including telecommunications, transport, accounting and auditing.
The deal carries added weight amid global trade disruption caused by sharply higher US tariffs, with Indian exporters facing duties of up to 50 per cent in some markets. Officials see the agreement as a way to diversify export destinations, reduce reliance on traditional markets and lower dependence on China in trade and supply chains.
India's bilateral goods trade with the EU stood at $136.53 billion in 2024-25, including exports of $75.85 billion and imports of $60.68 billion, making the bloc India's largest goods trading partner. Services trade totalled $83.10 billion in 2024, while India recorded a trade surplus of $15.17 billion.
The EU accounts for about 17 per cent of India's total exports, while India absorbs roughly 9 per cent of the bloc's overseas shipments. India's main exports to the EU include petroleum products, electronics, textiles and garments, machinery, pharmaceuticals, gems and jewellery, auto components, footwear and coffee. Key imports include machinery, electronics, aircraft, medical devices, chemicals and plastics.
If concluded as planned, the India-EU agreement would become the eighth major trade pact finalised by the NDA government since 2014, following deals with Australia, the UK, the UAE, the EFTA bloc and Mauritius.
In addition to the FTA, India and the EU continue negotiations on separate agreements covering investment protection and Geographical Indications, further broadening the scope of their economic partnership.
Source: ZeeNews
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