Today the EU and India concluded negotiations for a significant free trade agreement (FTA), the largest such deal ever concluded by either side.  The target of the agreement is to strengthen economic and political ties between the world’s second and fourth largest economies. More information is available here: https://ec.europa.eu/commission/presscorner/detail/en/ip_26_184

On the EU side, the negotiated draft texts will be published shortly. The Commission will then put forward its proposal to the Council for the signature and conclusion of the agreement. Once adopted by the Council, the EU and India can sign the agreements. Following the signature, the agreement requires the European Parliament’s consent, and the Council’s decision on conclusion for it to enter into force. Once India also ratifies the Agreement, it can enter into force.

Tariffs on over 90% of EU goods exports will be eliminated or reduced. The EU and India agreed simplified procedures to maintain a transparent and predictable regulatory environment and ensure quicker release of goods at customs.

The implications for our sector remain to be seen: at the moment tariffs on EU wooden products entering the Indian market currently stand at 10% for many products. More information will be shared soon.