The European Commission on Friday officially submitted its proposal to the European Council to sign and finalise the Free Trade Agreement (FTA) with India, marking a significant step toward putting the ambitious agreement—often referred to as the ‘mother of all deals’—into effect.“Today, the European Commission has put forward its proposals to the Council for the signature and conclusion of the Free Trade Agreement (FTA) between the European Union and India, seeking authorisation for its signature and conclusion,” the Commission said in a statement on Friday.The deal will be the biggest trade agreement ever concluded by the European Union and India if approved by the Council.An important turning point in their commercial engagement and economic ties with important international partners came into effect when India and the EU announced the FTA’s conclusion in January.The European Commission stated in a news statement that if the agreement is approved and put into effect, it will enhance market access, lower tariffs, remove unnecessary trade obstacles, and establish stable regulations for trade and investment between the EU and India.Currently, over 180 billion euro worth of products and services are traded annually between the EU and India, sustaining about 800,000 EU jobs. Also, nearly 96 per cent of EU goods exports to India will have their tariffs removed or reduced as a result of the deal.Furthermore, the tariff reductions are anticipated to save about 4 billion euro in levies on European goods each year. The final wording must be approved by the European Parliament after being approved by the European Council before the agreement can be put into effect.Meanwhile, Jean-Eric Paquet, the EU’s ambassador-designate to India and Bhutan, celebrated the accomplishment on X by stating that it would ‘clear the path for early approval’ and that the agreement’s complete text was now being made public.