<p>New Delhi: India and the European Union (EU) are set to eliminate or substantially lower tariffs on a majority of traded goods as the two sides close in on a long-awaited free trade agreement (FTA), which is likely to be announced on Tuesday.</p><p>Prime Minister Narendra Modi is scheduled to host European Commission President Ursula von der Leyen and European Council President Antonio Costa at the India-EU Summit.</p><p>The trade deal is likely to be the key focus of the 16th edition of the India-EU Summit. Top leadership from both sides have hinted at the conclusion of the deal, for which the negotiation was launched in 2007.</p><p>Commerce Secretary Rajesh Agrawal on Monday said that negotiations have concluded and the deals would be announced following the India-EU Summit. However, final signing of the agreement will take place after legal scrubbing of text, which can take up to 5-6 months, he said.</p>.<p>“A successful India makes the world more stable, prosperous and secure. And, we all benefit,” von der Leyen said in a post on X.</p><p>Last week, von der Leyen had termed the proposed FTA between India and the EU as the ‘mother of all deals’.</p><p>PM Modi said the presence of the EU’s top leadership at the Republic Day celebrations “underscores the growing strength of the India-EU partnership.”</p>
<p>New Delhi: India and the European Union (EU) are set to eliminate or substantially lower tariffs on a majority of traded goods as the two sides close in on a long-awaited free trade agreement (FTA), which is likely to be announced on Tuesday.</p><p>Prime Minister Narendra Modi is scheduled to host European Commission President Ursula von der Leyen and European Council President Antonio Costa at the India-EU Summit.</p><p>The trade deal is likely to be the key focus of the 16th edition of the India-EU Summit. Top leadership from both sides have hinted at the conclusion of the deal, for which the negotiation was launched in 2007.</p><p>Commerce Secretary Rajesh Agrawal on Monday said that negotiations have concluded and the deals would be announced following the India-EU Summit. However, final signing of the agreement will take place after legal scrubbing of text, which can take up to 5-6 months, he said.</p>.<p>“A successful India makes the world more stable, prosperous and secure. And, we all benefit,” von der Leyen said in a post on X.</p><p>Last week, von der Leyen had termed the proposed FTA between India and the EU as the ‘mother of all deals’.</p><p>PM Modi said the presence of the EU’s top leadership at the Republic Day celebrations “underscores the growing strength of the India-EU partnership.”</p>