Trade watchers are abuzz: India and the European Union could finalize their long-awaited Free Trade Agreement (FTA) before the month ends. After multiple rounds of grueling negotiations, officials signal that a deal is within reach, heralding a new chapter in bilateral commerce.
The agreement aims to slash duties on over 90% of goods, covering everything from Indian spices and apparel to European luxury cars and machinery. Services trade, a forte for India, will see eased visa norms for professionals, benefiting thousands of skilled workers.
Geopolitics adds urgency. With the EU imposing tariffs on Chinese EVs and India countering similar measures, this FTA emerges as a win-win diversification strategy. It aligns with India’s push for supply chain resilience and the EU’s Green Deal ambitions through joint clean energy projects.
Economic projections are staggering. Bilateral trade, currently at $120 billion, could double in five years. Job creation in export sectors, technology transfers, and investment inflows promise widespread benefits.
Final sticking points like geographical indications for products like Champagne and Darjeeling tea are being ironed out amicably. As leaders gear up for a virtual summit, this FTA stands poised to redefine Indo-European economic synergy, fostering stability in turbulent times.