New Delhi, Jan. 28 -- Amid a global upheaval, the conclusion of India's free trade agreement (FTA) with the EU spells relief. Once it's in force, this "mother of all deals" will mutually ease market access across a wide range of goods and service categories, with high tariff barriers left in place only for sensitive stuff on either side.

India's calibrated opening up of highly shielded sectors like automobiles and spirits is noteworthy. So is the breadth of the pact, which covers talent maximization and high-tech cooperation too.

On Europe's carbon border levy, though, New Delhi seems to have got just a promise of flexibility in case other EU partners are granted relief. This may feel like a letdown, but carbon compression is a climate ...