New Delhi, PTI. Commerce Minister Piyush Goyal said on Tuesday that the ambitious India-EU Free Trade Agreement (India EU FTA) may be implemented only in the year 2026.
He said this a few hours after announcing the completion of negotiations for this historic trade agreement. Earlier in the day, India and the 27-nation European Union completed negotiations for the agreement, which is being described as the 'biggest agreement ever'.
When will India EU FTA be implemented?
After the implementation of this agreement, 93 percent of India's exports will get duty-free access to the European Union, while importing luxury cars and wines from there will become cheaper in India.
Responding to a question at a special press conference organized on the state visit of the President of the European Council and the Head of the European Commission to India, Goyal said, "Every agreement is special in itself and this is a wonderful agreement." Its legal details will be examined very quickly. “We hope to celebrate the entry into force of this agreement within the year 2026.”
Goyal said that this agreement has been concluded after negotiations lasting more than two decades. He said that this agreement will create a market of about two billion people between the world's fourth largest economy - India and the second largest economic grouping - EU. Together, India and the EU contribute 25 per cent of global GDP (about $11,000 billion) and one-third (about $33,000 billion) of international trade (about $33,000 billion).
The Minister further said that the EU and India have concluded a "balanced, equitable and fair" free trade agreement, keeping aside sensitive issues, which is beneficial to both India and the EU.
EU becomes India's 22nd FTA partner
Goyal said that this will open up many investment opportunities. EU has become India's 22nd FTA partner. The NDA government has signed trade agreements with Mauritius, UAE, UK, EFTA, Oman and Australia since 2014 and has announced a trade deal with New Zealand.
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