India and the European Union have finalized a landmark Free Trade Agreement (FTA) that includes reciprocal Most-Favoured-Nation (MFN) status for five years and eliminates tariffs on over 96% of bilateral trade. This strategic deal is a significant step for India's economic integration and global supply chain positioning.
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- ›MFN Status Duration: 5 years
- ›EU Export Tariff Elimination: 96.6% by value
- ›Target this Data: Tariff elimination covers 96.6% of EU exports and 99.5% of Indian exports by value.
- ›Target this Nodal Body: Ministry of Commerce and Industry (headed by Piyush Goyal) leads trade negotiations.
- ›Target this Legal Point: MFN status is a core principle of the WTO agreements.
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