What happened:
On February 28, India and the European Union agreed in the draft Free Trade Agreement to grant each other Most Favoured Nation (MFN) status for five years from the pact’s implementation, offering reduced tariffs and improved market access while excluding sensitive agricultural products.
Why it matters:
The move advances one of India’s largest trade deals, enabling duty-free access for most Indian exports to the EU and lowering tariffs on European goods, while boosting customs cooperation, digital trade facilitation and regulatory transparency.