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Business News›News›Economy›Foreign Trade›India-EU trade pact clears legal scrub, signing likely this year

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India-EU trade pact clears legal scrub, signing likely this year

Synopsis

India and the European Union have finished legal scrubbing of their trade pact. This significant agreement is expected to be signed sometime this year. Ninety-three percent of Indian shipments will gain duty-free access to the EU bloc. Luxury cars and wines imported from the EU will also become less expensive. Together, India and the EU represent a quarter of global GDP.

ANI

New Delhi: India and the 27-nation European Union (EU) have completed the legal scrubbing of the trade pact text and it will be signed this year on a mutually agreed date, an official said on Thursday.



On January 27, India and the European Union announced the conclusion of negotiations for the free trade agreement, described as the "mother of all deals", under which 93 per cent of Indian shipments will enjoy duty-free access to the 27-nation bloc, while import of luxury cars and wines from the EU will become less expensive.

"The scrubbing is over," the official said.

Taken together, India and the EU account for 25 per cent of the global GDP and one-third (about USD 11 trillion) of international trade (about USD 33 trillion).

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