India-EU Trade Pact to Be Signed by December, Implemented by March: Minister
India and the 27-nation European Union are set to sign a free trade agreement (FTA) by December 2026, with implementation expected in February-March 2027, Commerce and Industry Minister Piyush Goyal announced on Sunday.
Speaking at an interaction with chartered accountants in Mumbai, Goyal said that under the agreement, nearly 93% of Indian exports would enjoy duty-free access to the EU market. In return, imports of luxury cars and wines from Europe would become less expensive for Indian consumers.
The minister described the pact as the 'mother of all deals', noting that negotiations were concluded earlier this year on January 27. 'Now, with almost zero duty, almost the entire European market will be open for us,' he said.
Together, India and the EU account for 25% of global GDP and about one-third of international trade, valued at roughly $11 trillion out of $33 trillion, underscoring the significance of the agreement.
Goyal also mentioned that US Trade Representative Jamieson Greer is expected to visit India this week for trade pact talks. 'The whole world is looking towards India,' he added.
Separately, he told reporters that during the G7 Summit in France, the Canadian Prime Minister expressed a desire to conclude a proposed free trade agreement with India this year. The two countries held the second round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in May.