India and EU to bar new import-export curbs beyond WTO rules and scrap consular requirements under proposed FTA goods pact

• India-EU to grant most favoured nation treatment for five years after pact enters into force.

The proposed FTA between India and the EU reflects a significant step towards closer trade ties, potentially enhancing market access and benefitting specific sectors that rely on tariff reductions. If enacted, the removal of consular requirements could streamline trade operations, fostering increased bilateral trade flows. This move may also signal a shift in global trade dynamics, which could influence regional competitors and alter foreign investment landscapes.