Costa Confirms Modi's December Brussels Trip for FTA Signing

New Delhi, October 30: The India-European Union free trade agreement, long awaited by both sides, moved closer to its final stage on Thursday after European Council President Antonio Costa said Prime Minister Narendra Modi will visit Brussels in December to sign it.

Speaking at an event hosted by the Montreal Council on Foreign Relations in Canada, Costa said, "Prime Minister Modi will come to sign this agreement in December." The visit is expected to take place just ahead of the European leaders' gathering that begins in Brussels on December 17.

India and the EU completed negotiations on the trade agreement earlier this year. The pact is projected to create one of the largest markets in the world, covering more than 2 billion people and roughly a quarter of the global economy.

Piyush Goyal, Union Minister for Commerce and Industry, said last week that the agreement could be operational within four to five months of signing. He said it would create new trade and investment opportunities for both India and Europe.

Prime Minister Modi and European Commission President Ursula von der Leyen had jointly declared the successful conclusion of the deal during her India visit. The development is considered a historic milestone in economic ties between the two sides.

This is not just a conventional trade agreement. It is a comprehensive economic partnership of strategic importance that connects India and the EU through shared commitments to open markets, policy stability and inclusive growth.

The EU is one of India's largest trading partners. Bilateral goods trade reached 136.54 billion dollars in financial year 2024-25, equal to about 11.5 lakh crore rupees, with Indian exports at 75.85 billion dollars and imports at 60.68 billion dollars. Services trade between the two touched 83.10 billion dollars, or roughly 7.2 lakh crore rupees.

With India and the EU ranking as the fourth and second largest economies globally, the two together account for about 25 percent of world GDP and a third of global trade. Their deeper integration could unlock exceptional trade and investment potential.

India is expected to receive exceptional market access in Europe for over 99 percent of its goods by trade value. The deal is also likely to strengthen the Make in India initiative. Significant openings in services are anticipated too, along with a comprehensive mobility framework to make travel for Indian professionals smoother.