The New Indian Express ·
EU moves India FTA to Council for approval
The European Commission on Friday proposed that the European Union’s Council approve the signing and conclusion of the India-EU Free Trade Agreement (FTA), taking the landmark trade pact a step closer to formal signing and implementation.
The Commission said the proposed agreement, once approved and brought into force, would eliminate or reduce tariffs on 96% of EU goods exports to India and save European exporters around euro 4 billion a year in duties.
The EU and India already trade more than euro 180 billion worth of goods and services annually, supporting nearly 800,000 jobs in the EU, the Commission said. The agreement is expected to improve market access, reduce tariffs and other trade barriers, and provide greater predictability for trade and investment.