New Delhi, Jan. 29 -- The India-European Union Free Trade Agreement (FTA) represents one of the most forward-looking and wide-ranging concession packages India has negotiated so far, highlighted a report by EY (Ernst & Young).

According to the report, the India-EU FTA truly represents an agreement between two economic giants.

It stated "The India-EU FTA represents one of the most forward-looking and wide-ranging concession packages India has negotiated this far".

The report noted that the agreement has the potential to significantly impact several key sectors, including automobiles, defence, aerospace, textiles and information technology.

In the automobile sector, the FTA proposes a phased reduction of import duties on completely buil...