New Delhi, Jan. 27 -- India and the 27-member European Union (EU) have concluded negotiations for the much-awaited Free Trade Agreement (FTA) even as a similar deal with the United States of America (US) remains elusive.

The trade deal with the EU provides for over 99% of Indian exports gaining preferential (zero duty) entry into the EU, unlocking massive growth potential for sectors such as textile, leather, engineering goods, gems and jewellery, and handicrafts once the FTA between the two trade partners come into force.

Prime Minister Narendra Modi and European Commission President Ursula von der Leyen today jointly announced the conclusion of the free trade agreement at the 16th India-EU Summit.

Making the announcement of the landm...