India nears duty-free access to EU markets

Indian exporters will soon get duty-free access to Europe's $25 trillion economy with three free trade agreements —two already clinched (with the EFTA bloc and the UK), and the one with the EU expected by December — people directly involved in the discussions said after India-EU trade talks achieved “significant convergence” in key areas last week.

- Rajeev Jayaswal

The positive outcome of the recently concluded 14th round of India-EU trade negotiations on October 10 has raised hopes of an early conclusion of an FTA between world’s fastest growing major economy and a bloc of 27-European countries with estimated economy of $19.99 trillion, they added, requesting anonymity. India’s FTA with European Free Trade Association (EFTA), with an economy of $1.41 trillion is already in force, and its free trade deal with the UK (a $3.63 trillion economy) is expected to be operationalised soon. Developments related to India-EU trade negotiations assumed significance after commerce secretary Rajesh Agrawal's two-day visit to Brussels on October 10 to join the negotiating teams . During his Brussels’ visit, Agrawal met EU directorate-general for trade and economic security Sabine Weyand, and the two decided to resolve remaining issues through continuous discussions via virtual and physical modes, the people cited above said.