India and the EU finalise a major free trade agreement, set to boost a €180 billion trade relationship and ease market access for cars, wine, textiles and pharmaceuticals.
NEW DELHI: India and the European Union have successfully concluded negotiations on a major free trade agreement.
The deal, described by Indian officials as “the mother of all deals”, will be officially announced on Tuesday.
European Commission President Ursula von der Leyen and European Council President Antonio Costa will meet Indian Prime Minister Narendra Modi for the summit.
“Official level negotiations are being concluded and both sides are all set to announce the successful conclusion” of talks, Indian commerce secretary Rajesh Agrawal said.
The pact concludes nearly two decades of negotiations between the economic powers.
It comes as both Brussels and New Delhi seek to open new markets amid US tariffs and Chinese export controls.
Bilateral trade in goods reached €120 billion in 2024, a 90% increase over the past decade.
A further €60 billion in services trade brings the total economic relationship to €180 billion.
Under the new deal, India is expected to ease market access for key European products like cars and wine.
In return, the EU will facilitate easier exports of Indian textiles and pharmaceuticals.
India is on track to become the world’s fourth-largest economy this year, according to IMF projections.
