Mumbai, June 21 (IANS). The India-European Union (EU) Free Trade Agreement (FTA) will be signed by the end of December. With this, it may be implemented by February-March 2027. This information was given by Union Commerce and Industry Minister Piyush Goyal on Sunday.
Addressing people at an event of chartered accountants in the country’s financial capital, the minister said the agreement will significantly increase India’s access to the European market by reducing tariffs on a variety of goods.
The Union Minister further said, “Now with almost zero duty, the entire European market will open up for us. The FTA with the EU will be signed by December and will be implemented by February-March.”
India and the 27-nation European Union had on January 27 announced the completion of negotiations for the FTA, which Goyal described as the ‘mother of all deals’.
Under this proposed agreement, about 93 percent of India’s exports are expected to get duty-free access to the EU market.
Emphasizing the growing importance of India in the global economy, the Minister said that countries around the world are keen to strengthen economic partnerships with India.
“The whole world is looking towards India,” Goyal said.
Apart from this, the Union Minister informed that US Trade Representative Jameson Greer is going to visit India this week to discuss the proposed bilateral trade agreement between the two countries.
During the address, Goyal also stressed the importance of preserving India’s cultural heritage along with economic development. Referring to Prime Minister Narendra Modi’s vision for the country, he said that development and heritage should go together.
Goyal said, “Prime Minister Narendra Modi always tells us that the country needs development, and the country also needs its heritage. No country has become a developed nation without taking care of its culture, heritage and traditions.”
–IANS
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