India's prime minister says it has reached a free trade deal with the EU

Indian Prime Minister Narendra Modi announced in New Delhi on July 1, 2023, that India and the European Union have successfully concluded a comprehensive free trade agreement aimed at strengthening bilateral economic and strategic relations. The landmark deal, which has been under negotiation for over a decade, addresses key trade barriers and opens new market opportunities for both parties. The agreement comes at a crucial time as India seeks to diversify its international partnerships beyond traditional partners while the EU looks to deepen economic ties with fast-growing Asian economies. The deal encompasses trade in goods, services, investment, and intellectual property rights, with provisions to facilitate smoother customs procedures and reduce tariffs on numerous products. This breakthrough follows seven rounds of intense negotiations and multiple delays caused by disagreements on various issues including data protection and agricultural tariffs. The successful conclusion of this agreement is expected to significantly boost bilateral trade, which currently stands at approximately €80 billion annually, and create new opportunities for businesses and consumers in both regions.