Prime Minister Narendra Modi will visit Brussels in December to formally sign the India-European Union free trade agreement, European Council President Antonio Costa announced on Thursday.
The visit will
mark a key step towards implementing the trade pact, which aims to expand economic ties between India and the 27-member European Union.
“Prime Minister Modi will come in December to sign the deal,” Costa said at an event organised by the Montreal Council on Foreign Relations in Canada.
India and the EU concluded negotiations on the agreement earlier this year. The pact is expected to create a market covering more than two billion people, accounting for around a quarter of the global economy.
PM Modi’s visit is expected shortly before a meeting of European leaders in Brussels scheduled to begin on December 17. Costa is currently in Montreal for a two-day EU-Canada summit focused on strengthening ties.
What The India-EU Trade Deal Offers?
The agreement aims to reduce trade barriers and improve market access for businesses on both sides. India is expected to gain preferential or duty-free access to the European market for more than 99% of its exports by value, benefiting sectors such as textiles, leather, gems and jewellery.
The EU, in turn, will receive tariff reductions or exemptions across a significant share of goods exported to India. Tariff cuts on sensitive sectors, including automobiles and auto parts, will be phased in, while India has sought to protect domestic agriculture and dairy industries.
Trade And Services Ties Set To Expand
The pact also covers services, including information technology, professional services, business consulting and research and development. It includes provisions to facilitate the movement of skilled Indian professionals, potentially creating fresh opportunities for workers and businesses.
India-EU economic ties have grown steadily in recent years. Bilateral trade in goods reached $136.54 billion in the 2024-25 financial year, with Indian exports worth $75.85 billion and imports at $60.68 billion. Trade in services stood at $83.1 billion in 2024.
(With inputs from AFP)
