India-EU Trade Deal: Negotiations on a free trade agreement between India and the European Union are nearing completion. This will boost several sectors, thereby boosting the country's economy.

India-EU Trade Deal: Amid uncertainty surrounding the trade deal with the US, the trade deal between India and the European Union is nearing finalization. It is expected to be signed on December 27. Commerce Secretary Rajesh Aggarwal said on Thursday that India and the EU have signed 20 of the 24 chapters and aim to complete the deal before EU leaders visit India later this month.

Who will be the chief guest of the Republic Day this time? 

European Council President Antonio Luis Santos da Costa and European Commission President Ursula von der Leyen will be the chief guests at the 77th Republic Day celebrations. They will also co-chair the 16th India-EU Summit on January 27. The Ministry of External Affairs formally announced this on Thursday. According to exporters, the free trade agreement between India and the 27-nation European Union will boost exports of textiles, pharmaceuticals, chemicals, engineering goods, and gems and jewelry.

Both countries waited a long time.

Industry estimates that exports to the EU will double over the next three years after tariffs are eliminated due to the FTA. This free trade agreement (FTA) will provide exporters with the opportunity to conduct business under a stable and reliable framework amid global economic uncertainties. Both countries have waited a long time for this deal. Discussions on a free trade agreement between India and the European Union first began in 2007. Then, in 2013, due to the prevailing geopolitical situation, it was put on hold. In June 2022, both countries took steps towards this agreement again. Now, it is close to finalization. 

The biggest deal ever 

Commerce and Industry Minister Piyush Goyal said on Friday that the proposed Free Trade Agreement (FTA) between India and the European Union would be India's biggest trade deal ever. Calling it a historic agreement, Goyal said, "I have done seven deals so far. All with developed economies. This will be the mother of them all." It is expected to significantly boost trade and investment between the two sides.

The Federation of Indian Export Organizations (FIEO) stated that the increase in US tariffs is impacting a wide range of Indian exports and highlights the need for diversification of export markets and trade strategies. They added that concluding a comprehensive free trade agreement between India and the EU is not only timely but also strategically important.