New Delhi: Commerce and Industry Minister Piyush Goyal announced on Sunday that India and the 27-nation European Union are on track to officially sign a comprehensive free trade agreement by December, with implementation projected for February or March of next year. This follows the successful conclusion of negotiations for the historic pact on January 27 earlier this year. Addressing an audience of chartered accountants in Mumbai, Goyal emphasized that the elimination of custom duties will grant Indian exporters unprecedented access to almost the entirety of the European marketplace, signaling a monumental shift in international commerce.
The bilateral trade agreement will allow approximately 93 per cent of Indian shipments to enter the European Union entirely duty-free, while concurrently lowering the costs of European luxury vehicles and wines imported into India. The economic scale of this partnership is immense, given that India and the European Union collectively represent 25 per cent of the global Gross Domestic Product and drive roughly one-third of all international trade, valued near eleven trillion dollars. Goyal also shared that international interest in India’s economic landscape remains exceptionally high, noting that US Trade Representative Jamieson Greer is scheduled to arrive in India this week for bilateral trade discussions.
In addition to progress with Europe and the United States, the Commerce Minister briefed reporters on expanding trade relations with Canada. Goyal revealed that during the recent G7 Summit held in France, the Canadian Prime Minister communicated a strong desire to finalize their pending trade agreement before the end of the year. This momentum follows the second round of formal negotiations for a Comprehensive Economic Partnership Agreement conducted between Indian and Canadian officials in May, further solidifying the country’s expanding network of international economic alliances.
