The European Commission has sent proposals to EU member states for the signing and final approval of a free trade agreement between the European Union and India.
The Commission asked the Council of the EU — which represents the governments of member states — to authorise the agreement’s signature and conclusion, the Commission informed on Friday.
If the Council gives its backing, the deal would still need the European Parliament’s consent before it can enter into force.
The agreement would reduce or remove tariffs on 96% of EU goods exports to India, saving about €4 billion a year in duties on European products.
EU-India trade in goods and services already totals more than €180 billion a year and supports close to 800,000 EU jobs.
The Commission said the deal would also aim to tackle “unnecessary barriers to trade” and provide more predictable rules for trade and investment between the EU and India.
Next steps for ratification
Indian authorities are also carrying out their own internal ratification procedures in parallel, the Commission stated.
Trade commissioner Maroš Šefčovič said the Commission was submitting proposals to the Council “for signature and conclusion in record time”.
The agreement would bring together “two of the world’s largest economies — a market of 2 billion people and around a quarter of global GDP.”
