India-EU FTA: European Commission moves to get it signed

The European Commission on Friday formally submitted its proposal to the European Council to sign and conclude the Free Trade Agreement (FTA) with India, marking a major step towards implementing the ambitious pact, widely described as the “mother of all deals”. If authorised by the Council, the agreement will become the largest trade deal ever concluded by both the European Union and India.  The pact would eliminate or reduce tariffs on about 96% of EU goods exports to India, with the Commission estimating that the tariff cuts would save European exporters around €4 billion a year in duties.The Commission has asked the Council to authorize the signing of the agreement. It will then require the European Parliament's consent before it can be concluded and enter into force. Indian authorities are simultaneously undertaking their own internal procedures for ratification, the Commission said.
India and the EU announced the conclusion of the FTA in January this year, marking a historic milestone in their economic relations and trade engagement with key global partners. In a press release, the European Commission said, the agreement, once adopted and brought into force, will improve market access, reduce tariffs, address unnecessary trade barriers and provide predictable rules for trade and investment between the EU and India.
 The EU and India currently trade more than 180 billion euros worth of goods and services every year, supporting nearly 800,000 EU jobs. The agreement will eliminate or reduce tariffs on 96 per cent of EU goods exports to India, with the tariff cuts expected to save around 4 billion euros annually in duties on European products. Following approval by the European Council, the final text will require the European Parliament’s approval before the agreement can be implemented.