EU, India to sign free trade deal by end-2026

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 U.S. amid growing global trade tensions. Signing of the deal by ​the end ​of this ⁠year could allow it to enter into force in 2027.

The deal is forecast ​to double EU exports to India ​by ⁠2032 by eliminating or reducing tariffs in 96.6% of traded goods by value, and will lead ⁠to savings ​of €4 billion ($4.64 billion) in ​duties for European companies, the EU said.

-Reuters