India-EU free trade agreement likely by December, says Piyush Goyal

India and the European Union are expected to sign a free trade agreement by December, with implementation likely between February and March 2027, Commerce and Industry Minister Piyush Goyal said on Sunday.

Speaking at an interaction with chartered accountants in Mumbai, Goyal said the agreement would provide Indian exporters with significantly improved access to the European market.

"Now, with almost zero duty, almost the entire European market will be open for us. The EU's FTA will be signed by December and will be effective by February-March," he said.

India and the 27-member European Union announced the conclusion of negotiations for the proposed trade pact on January 27 this year. Goyal described it as the "mother of all deals".

Under the agreement, around 93 per cent of Indian exports to the EU are expected to receive duty-free access. At the same time, imports of products such as luxury cars and wines from Europe are expected to become cheaper in India.

India and the EU together account for around 25 per cent of global gross domestic product and about one-third of global trade.

Goyal also said US Trade Representative Jamieson Greer is expected to visit India this week for discussions on a proposed trade agreement between the two countries.

"The whole world is looking towards India," the minister said.

Later, speaking to reporters, Goyal said the Canadian Prime Minister had expressed interest during the G7 Summit in France in concluding the proposed free trade agreement with India this year.

India and Canada held the second round of negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) in May as both countries continue efforts to deepen economic ties.