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With most discussions over before the January 27 New Delhi summit of the leaders, India and the European Union are nearing finalization of their much anticipated Free Trade Agreement. Although the official signing will follow needed technical and legal clearing, the political declaration of ending is anticipated at the conference. This is a significant first step in a process that had been frozen for years then restarted as both sides tried to strengthen strategic and financial connections.
Talks started in June 2022 have gone at an expedited clip; 20 of 24 chapters already finished and the 16th negotiation session just finished. Commerce Minister Piyush Goyal's important early January trip to Brussels assisted to offer strategic direction and reduce deficits on unfinished topics including market access, tariff schedules, and regulatory harmonization. Although things have advanced, certain technological and political tangles still persist, especially regarding implementation schedules and sensitive industries.
Agriculture has been left outside the scope of the FTA to head off rural and political backlash. India will not receive concessions on dairy or wider farm trade. Important contentious issues are India's worries about the EU's Carbon Border Adjustment Mechanism, seen in New Delhi as a concealed non-tariff barrier, as well as arguments about rules of origin and the phased tariff reductions. Once concluded, the deal is supposed to greatly increase trade in goods and services, broaden cooperation in digital and investment flows, and open EU market access through tariff-rate quotas for automobiles, wines and spirits, and medical technology—complementing a larger strategic agenda that also includes military cooperation and mobility agreements.
