India-EU FTA legal scrubbing completed, signing expected by year-end: Govt sources
New Delhi, August 20
The India-European Union Free Trade Agreement remains on track for signing before the end of this year, with the legal scrubbing of the deal completed, government sources said on Thursday.
According to the sources, internal approvals and translation processes are currently underway on the European Union side. Both India and the EU remain committed to completing the remaining formalities for signing the trade agreement by the end of 2026.
The completion of legal scrubbing marks an important step towards finalising the agreement after negotiations between India and the European Union.
The India-EU FTA was jointly announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on January 27 this year during the 16th India-EU Summit, held amid the visit of European leaders to India.
According to official information shared during the summit, the agreement is a major milestone in economic and trade relations between India and the European Union.
The announcement followed negotiations that resumed in 2022 after years of discussions between the two sides aimed at creating a balanced and modern trade partnership.
The latest development indicates that the agreement has moved towards the final formalities, with the legal review completed and the EU currently working on internal approvals and translation processes.
The European Union is one of India's largest trading partners, with trade in goods and services continuing to grow between the two sides.
In 2024-25, bilateral trade in goods between India and the EU stood at Rs 11.5 lakh crore (USD 136.54 billion). India's exports to the European Union were valued at Rs 6.4 lakh crore (USD 75.85 billion), while imports stood at Rs 5.1 lakh crore (USD 60.68 billion).
Trade in services between India and the European Union reached Rs 7.2 lakh crore (USD 83.10 billion) in 2024.
The scale of the economic relationship makes the proposed trade agreement significant for both sides. India and the European Union together account for around 25 per cent of global GDP and nearly one-third of global trade.
The agreement is expected to provide a framework for strengthening economic and trade relations between the two sides. With legal scrubbing completed, the focus is now on completing the remaining internal processes before the proposed year-end signing.
Government sources said both sides remain committed to completing these formalities, keeping the India-EU FTA on track for signing before the end of 2026.
— ANI
Leave a comment