India and EU Set to Finalize Free Trade Agreement by December 2023

India and the European Union are on track to sign a significant free trade agreement by December 2023, which is expected to enhance India's access to European markets. Union Minister Piyush Goyal highlighted the importance of this pact during a recent event, emphasizing the need for economic growth alongside the preservation of cultural heritage. With nearly 93% of Indian exports anticipated to benefit from duty-free access, this agreement marks a pivotal moment in India's trade relations. Additionally, discussions with the US on a bilateral trade agreement are also on the horizon, showcasing India's growing global economic influence.

By Narendra Chaudhary Jun 21, 2026, 16:42 IST

India-EU Free Trade Agreement Update

File image of Union Minister of Commerce and Industry Piyush Goyal (Photo: @PiyushGoyal/X)

Mumbai, June 21: The long-anticipated free trade agreement (FTA) between India and the European Union (EU) is projected to be signed by December this year, with implementation expected by February or March 2027.

During an event in Mumbai aimed at chartered accountants, Union Minister of Commerce and Industry Piyush Goyal stated that this agreement will greatly improve India's access to European markets by lowering tariffs on a variety of products.

Goyal emphasized, "With nearly zero duties, we will have access to almost the entire European market. The FTA with the EU will be finalized by December and will take effect by early next year."

The minister also pointed out India's rising significance in the global economy, noting that many nations are eager to forge stronger economic ties with India.

"The entire world is turning its attention to India," Goyal remarked.

Additionally, he announced that US Trade Representative Jamieson Greer is set to visit India this week to discuss a potential bilateral trade agreement.

In his address to the chartered accountants, Goyal highlighted the necessity of maintaining India's cultural heritage while pursuing economic development. He referenced Prime Minister Narendra Modi's vision, stating that progress and heritage must coexist.

Goyal quoted Modi, saying, "The nation requires development, but it also needs to preserve its heritage. No nation has achieved developed status without honoring its culture, heritage, and traditions."

On January 27, India and the 27-member EU announced the successful conclusion of negotiations for what Goyal termed as the 'mother of all deals.'

The proposed agreement is expected to allow approximately 93% of Indian exports to enter the EU market duty-free.