India and the European Union are expected to sign their long-awaited Free Trade Agreement (FTA) by December, with the pact likely to come into force between February and March next year, Commerce and Industry Minister Piyush Goyal said on Sunday. The agreement, which has been under negotiation for several years, is expected to significantly enhance trade and economic cooperation between India and the 27-member European bloc.

Speaking during an interaction with chartered accountants in Mumbai, Goyal said the deal would provide Indian exporters with unprecedented access to European markets. "Now, with almost zero duty, almost the entire European market will be open for us. The EU's FTA will be signed by December and will be effective by February-March," he said. The minister's remarks signal that both sides are moving steadily toward finalizing one of India's most ambitious trade agreements.

India and the European Union had announced on January 27 that negotiations on what has been described as the "mother of all deals" had been concluded. The proposed pact is expected to reduce or eliminate tariffs on a wide range of goods, improve market access, and create new opportunities for businesses and investors on both sides. Trade experts believe the agreement could strengthen supply chains and deepen economic integration between India and Europe.

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Under the proposed FTA, around 93 percent of Indian exports to the European Union are expected to receive duty-free access, providing a major boost to sectors such as textiles, engineering goods, pharmaceuticals, chemicals, and agricultural products. At the same time, Indian consumers may benefit from lower prices on certain European imports, including luxury automobiles and wines, as tariffs are gradually reduced under the agreement.

Highlighting India's growing role in the global economy, Goyal said international partners are increasingly looking toward the country as a key economic and strategic partner. He also revealed that US Trade Representative Jamieson Greer is scheduled to visit India this week for discussions on a separate bilateral trade pact. "The whole world is looking towards India," the minister said, underscoring the country's expanding trade engagement with major economies.

Goyal further noted that Canada has expressed interest in concluding its proposed trade agreement with India within this year. According to him, the issue was discussed during interactions linked to the recent G7 Summit. India and Canada completed the second round of negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) in May. With trade talks progressing simultaneously with the European Union, the United States and Canada, India appears poised to deepen its integration with some of the world's largest economic blocs and markets in the coming years.

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