Brussels [Belgium], January 26 (ANI): In an interview with Euronews ahead of a high-level EU-India summit, European Union Trade Commissioner Maros Sefcovic said the long-awaited free trade agreement with India is “very close” and could significantly open the Indian market to European companies.
Sefcovic described the proposed pact as the “mother of all deals,” noting that negotiators are “checking their final numbers” as the European bloc pushes to reduce India’s high import duties, which can reach up to 150 percent in some sectors.
“In some sectors, India has tariffs going up to 150 percent. Therefore, big parts of the economy have been completely closed off to European exporters,” he said, adding, “Now the big benefit will be opening the economy.”
According to Sefcovic, the agreement would create a free trade area covering roughly two billion people and lift many Indian customs duties on European goods, while excluding certain sensitive sectors to ensure a “positive outcome.”
“This is the largest trade deal ever,” he said, highlighting that around 6,000 European companies already operate in India and that trade between the two partners has surged significantly over the past decade, Euronews reported.
Brussels views the agreement as a strategic move to diversify its trade ties beyond the United States and China, while Indian officials have signaled a willingness to open markets to foreign investment and goods in key sectors.
Earlier, the EU Commissioner for Trade and Economic Security, as well as Interinstitutional Relations and Transparency, met Union Commerce Minister Piyush Goyal after arriving in India. The meeting came ahead of the EU-India summit to be hosted by Prime Minister Narendra Modi in New Delhi on January 27.
Sharing a photograph with Goyal, Sefcovic wrote on X, “A big pleasure to be in India. Our 10th in-person engagement with Minister @PiyushGoyal, and I’m confident to say we’re nearing the conclusion of our FTA negotiations. The culmination of an intense past year, likely my most frequent trade engagement, reflects its importance.”
Responding to Sefcovic’s post, Goyal said, “Pleased to agree that sustained and constructive engagement between us and our teams over the past year has brought us closer to a fruitful outcome. The European Union remains a vital economic and strategic partner for India, and we value our shared commitment to a mutually beneficial, ambitious India-EU FTA for the prosperity of our businesses and people.”
At the summit, leaders are expected to adopt a joint EU-India comprehensive strategic agenda aimed at reinforcing the partnership and deepening cooperation to promote stability and prosperity at home and beyond. (ANI)
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