1 week ago
India-EU Free Trade Agreement Clears Legal Scrubbing, Signing Expected
India and the European Union have finished checking the legal wording of a planned trade deal.
Lawyers reviewed the text to make sure its terms and definitions are clear and consistent.
The agreement is now being translated into the EU’s official languages.
European institutions must review and approve it before it can be signed.
The deal is expected to be signed by the end of this year if those steps are completed.
Because it covers only trade matters, it does not need approval from every EU member country’s parliament.
India’s cabinet and the European Parliament will need to approve it for ratification.
The agreement is intended to make it easier for Indian goods, services, and skilled workers to access the EU market.
Legal review of the India-European Union Free Trade Agreement has been completed, an official said Thursday.
The agreement is being translated into all official EU languages and undergoing institutional clearances.
It is expected to be signed by the end of this year, subject to required approvals.
The exclusive trade agreement requires approval from the European Parliament and India’s cabinet, rather than all 27 national parliaments.
The deal gives India market access for more than 99% of its exports to the EU by trade value, along with services and mobility commitments.
- Who
- India and the European Union, with approval involving the European Commission, the Council of the European Union, the European Parliament, and India’s cabinet.
- What
- The legal scrubbing of the India-EU Free Trade Agreement has been completed, with signing expected by the end of this year.
- Where
- The agreement concerns trade between India and the European Union and is undergoing clearances through European institutions.
- When
- Legal scrubbing was reported complete on Thursday; negotiations concluded on January 27 this year, and signing is targeted for the end of this year.
- Why
- The agreement aims to expand market access for Indian exports, services, and skilled professionals in the EU.
Key facts
- Legal status
- Legal scrubbing of the draft treaty has been completed.
- Expected signing
- The agreement is on track to be signed by the end of this year.
- Translation process
- The master text is being translated into all official EU languages.
- Approval route
- The European Commission will propose the text to the Council of the European Union, followed by European Parliament approval after signing.
- Parliamentary requirement
- As an exclusive agreement covering trade matters, it does not require approval by the parliaments of all 27 EU member states.
- Indian market access
- India secured access for more than 99% of its exports to the EU by trade value.
- Negotiation history
- Negotiations lasted almost two decades, including 14 formal rounds after their relaunch in 2021.
Sources
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