India and EU Conclude Free Trade Agreement Negotiations

India and the European Union have successfully concluded negotiations for a free trade agreement (FTA), marking a significant milestone in their bilateral relations. Commerce Secretary Rajesh Agrawal confirmed the development, stating that both sides are set to announce the successful conclusion of FTA talks on January 27.

The agreement, described by Commerce and Industry Minister Piyush Goyal as the "mother of all deals," aims to enhance economic integration by reducing tariffs on over 90% of goods and liberalizing services trade in sectors such as telecommunications and professional services.

European Commission President Ursula von der Leyen and European Council President António Costa are in New Delhi to participate in the 16th India-EU Summit and attend India's 77th Republic Day celebrations. The formal announcement of the FTA is anticipated during the summit on January 27.

The FTA negotiations, initially launched in 2007 and relaunched in June 2022 after a hiatus, have now reached a successful conclusion. The agreement is expected to come into force next year, following legal scrubbing and formal signing processes.

In addition to the trade agreement, India and the EU have signed a technology and defense partnership. Defense Minister Rajnath Singh highlighted that this partnership brings both sides closer amid a complex global environment.

To facilitate the EU leaders' visit to Rajghat, traffic restrictions have been imposed in and around the area on January 27. Commuters are advised to plan their journeys accordingly to avoid inconvenience.