The European Union will formally sign its landmark trade deal with India by the end of this year, European Commission President Ursula von der Leyen said on Wednesday.
Von der Leyen provided an update on the EU's free trade agreement with India after she met Indian Prime Minister Narendra Modi at the G7 summit in France.
"Since we have concluded the mother of all trade deals, we have been moving fast to deliver on our commitments. We will sign the Free Trade Agreement by the end of the year," von der Leyen wrote on X.
In January, India and the EU struck a long-delayed deal that will slash tariffs on most goods, aiming to boost two-way trade and reduce reliance on the US amid growing global trade tensions. Signing of the deal by the end of this year could allow it to enter force in 2027.
The deal is forecast to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6 per cent of traded goods by value, and will lead to savings of €4 billion ($4.64 billion) in duties for European companies, the EU said.
