The European Commission is asking the Council to approve the EU-India trade agreement, which would eliminate tariffs on 96% of European exports

The European Commission is asking the EU Council to authorize the signing and conclusion of the free trade agreement with India, an initiative intended to strengthen economic relations between the two sides and facilitate European companies’ access to the Indian market.

The agreement would eliminate or reduce tariffs on 96% of the European Union’s goods exports to India and generate estimated annual savings of approximately €4 billion in customs duties. The document also provides for reducing trade barriers, establishing more predictable rules for trade and investment, and ensuring a fairer competitive environment.

The EU and India currently conduct more than €180 billion in goods and services trade annually, with this trade supporting approximately 800,000 jobs in the European Union. Brussels estimates that the agreement will help European businesses expand in the Indian market, while consumers will benefit from a more diverse range of products and more competitive prices.

The initiative is part of the accelerated procedure for implementing free trade agreements and the EU’s strategy of strengthening economic relations with partners in the Indo-Pacific region. For the agreement to enter into force, it must be approved by the EU Council and the European Parliament, while India will follow its own internal ratification procedures.