India, EU conclude long-pending free trade agreement

After nearly two decades of negotiations, India and the European Union have successfully concluded talks for a comprehensive free trade agreement (FTA), a milestone expected to significantly expand two-way trade, boost investment flows and deepen economic integration between the two sides, Indian Commerce Secretary Rajesh Agrawal said on Monday, Report informs via The Times of India

"Negotiations have been successfully concluded. The deal has been finalized," Agrawal said, adding that the agreement is balanced and forward-looking from India's perspective and will help integrate the country more closely with the EU economy, PTI reported.

Agrawal said legal scrubbing of the FTA text is currently underway, with efforts focused on completing procedural formalities and signing the pact at the earliest. The agreement is expected to be signed later this year and could come into force early next year.

While implementation in India requires approval from the Union Cabinet, the pact will need ratification by the European Parliament, a process that could take time.

The formal announcement of the conclusion of negotiations is expected at the India-EU Summit in New Delhi on Tuesday, which will be attended by European Commission President Ursula von der Leyen and European Council President Antonio Costa.

The two leaders will hold talks with Prime Minister Narendra on January 27.