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Informist, Wednesday, Jul. 29, 2026

 

NEW DELHI – The legal scrubbing of the free trade agreement between India and the European Union is close to completion and the deal is expected to come into effect in the March quarter, Commerce Minister Piyush Goyal said Wednesday.  

 

"The legal scrutiny of the EU FTA is nearing completion. In the months following the summer recess, it will be submitted to their Parliament for approval," Goyal said at the sidelines of Jehangir Ratanji Dadabhoy Tata Memorial Lecture in New Delhi. "We expect the EU FTA to come into effect by the first quarter of next year, which will have a game-changing impact; it will open up vast opportunities for the export of Indian goods and services."

 

The trade deal offers tariff concessions on over 95% of the value of exports for both sides. India and the EU have been engaged in legal scrubbing of the agreement for a while. With this deal, the two sides aim to double their bilateral trade by 2032. India-EU trade was worth nearly $139 billion in 2025-26 (Apr-Mar), up 9.5%.  

 

Further, talking about India's trade negotiations with the US, Goyal reiterated the first tranche of its Bilateral Trade Agreement will come into force as soon as Washington ensures New Delhi has comparative advantage over its competitors, suchs as neighbouring countries and the ASEAN region. 

 

The US Friday imposed a 10% tariff on imports from India as part of a sweeping trade action targeting 60 countries for failing to effectively prohibit imports of goods produced using forced labour. Meanwhile, the US Senate has voted to advance a bipartisan bill that could authorise US President Donald Trump to impose tariffs of up to 100% on countries buying Russian oil, including India. However, Goyal declined to comment on this, calling the matter speculative. End

 

US$1 = INR 95.65

 

Reported by Pratiksha

Edited by Akul Nishant Akhoury

 

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