Brussels [Belgium], January 26 (ANI): In an interview with Euro News ahead of a high-level EU-India summit, European Union Trade Commissioner Marcos Sefcovic said the long-awaited free trade agreement with India is 'very close' and could significantly open the Indian market to European firms.

Sefcovic described the prospective pact as the 'mother of all deals,' noting that negotiators are 'checking their final numbers' as the European bloc pushes to reduce India's steep import duties that can reach up to 150 % in some sectors.

'In some sector, India has tariff going up to 150%. And therefore, big parts of the economy has been completely closed off to the European exporters,' he said, adding: 'Now the big benefit will be opening the economy.'

According to Sefcovic, the agreement would create a free trade area encompassing roughly 2 billion people and lift many Indian customs duties on European goods, although sensitive sectors will be excluded to focus on 'the positive outcome.'

'This is the largest trade deal ever,' he said, highlighting that around 6,000 European companies already operate in India and trade between the two partners has surged significantly over the past decade, reported Euro News.

Brussels views the deal as a strategic move to diversify its trade ties beyond the United States and China, while Indian officials have signalled willingness to open markets to foreign investment and goods in key areas.

Earlier, the EU Commissioner for Trade and Economic Security, as well as Inter-Institutional Relations and Transparency met with Piyush Goyal after arriving in India.

The meeting came ahead of the EU-India summit, which will be hosted by Prime Minister Narendra Modi, to be held in New Delhi on January 27. Sharing a picture with Union Commerce Minister Piyush Goyal, Sefcovic wrote on X: 'A big pleasure to be in India. Our 10th in-person engagement with Minister @PiyushGoyal - and I'm confident to say we're nearing the conclusion of our FTA negotiations. The cumulation of an intense past year - likely my most frequent trade engagement - reflecting its importance.'

He expressed gratitude following the meeting and spoke with certainty about 'nearing the conclusion of FTA negotiations.'

Commenting on Sefcovic's post, Piyush Goyal said: 'Pleased to agree that sustained and constructive engagement between us and our teams over the past year has brought us closer to a fruitful outcome. The European Union remains a vital economic and strategic partner for India, and we value our shared commitment to a mutually beneficial, ambitious India-EU FTA for the prosperity of our businesses and people.'

At the summit, the leaders are expected to adopt a joint EU-India comprehensive strategic agenda to reinforce the strategic partnership and deepen cooperation, which delivers stability and prosperity at home and beyond. (ANI)