The Commission submits the landmark trade agreement with India to the Council for signature

The European Commission has submitted its proposals to the Council for the signing and conclusion of the Free Trade Agreement (FTA) between the European Union and India, requesting the Council’s authorisation. If authorised by the Council, this will be the largest trade agreement ever signed between the EU and India.

Once adopted and in force, the agreement will improve market access, reduce tariffs, remove unnecessary trade barriers and establish predictable rules for trade and investment between the EU and India. The EU and India already trade goods and services worth more than €180 billion a year, supporting around 800,000 jobs in the EU. This agreement will eliminate or reduce tariffs on 96 per cent of EU exports of goods to India. In total, the tariff reductions will result in savings of around €4 billion a year in duties on European products. It will make it easier for European businesses to access the Indian market and enable them to compete on a level playing field, whilst ensuring that consumers benefit from a wider variety of products and more competitive prices.

The proposal presented today represents a crucial step towards ensuring that consumers and businesses can begin to benefit from this agreement as soon as possible. This is in line with the fast-track procedure established earlier this year by the Commissioner for Trade and Economic Security, Maroš Šefčovič. This procedure aims to speed up the implementation of FTAs, which is crucial at a time of geopolitical uncertainty and growing pressure on the global trading system.

The EU-India Free Trade Agreement reflects the EU’s commitment to strengthening economic ties with key partners in the Indo-Pacific region. With its proposals, the Commission is seeking the Council’s approval for the signing of the agreements, which will subsequently require the consent of the European Parliament before they can be concluded and enter into force. At the same time, the Indian authorities are carrying out their own internal ratification procedures.

 

More information: European Commission