India and EU Set to Finalize Landmark Free Trade Agreement by July

Major Trade Deal on the Horizon

New Delhi: An official has indicated that the legal review of the free trade agreement (FTA) between India and the European Union, comprising 27 nations, is expected to be finalized by July this year.

On January 27, India and the EU declared that they had successfully concluded negotiations for this significant free trade agreement, often referred to as the 'mother of all deals'. This agreement will allow 93% of Indian exports to enter the EU duty-free, while also reducing the costs of importing luxury cars and wines from Europe.

This deal, which has been in the works for nearly two decades, is projected to create a market encompassing around 2 billion individuals.

"We have established an internal target of July to finalize the legal text," the official stated.

Following this, the agreement will be signed and is anticipated to take effect next year.