New Delhi, Jan. 28 -- Trade agreements are usually judged on the very day they are announced, even though their legal finalization and ratification can stretch on for months. Markets react, officials celebrate and headlines proclaim new eras of partnership long before the hard work begins.

The same goes for the India-EU free trade agreement (FTA), labelled the "mother of all deals," now that leaders have announced the successful conclusion of negotiations. The enthusiasm is understandable. The pact is economically weighty. It reportedly envisages phased tariff reductions across a large share of bilateral goods trade, frameworks for regulatory cooperation, disciplines on sustainability and supply-chain resilience and standing institutiona...