New Delhi: The European Commission on Friday formally submitted its proposal to the European Council to sign and conclude the Free Trade Agreement (FTA) with India, marking a major step toward implementing the “mother of all deals”.“@EU_Commission has sent its proposal to @EUCouncil, clearing the path for early approval; while the full text is now public.This isn’t just another agreement. It’s a bold leap for two economic powerhouses!,” said Jean-Eric Paquet, the EU’s Ambassador-designate to India and Bhutan in a social media post.India and the EU had announced the conclusion of the FTA in January wherein over 99% of Indian exports including apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU would get access to the Indian market at concessional duty for cars and wines.The European Council is the top political body of the EU. The European Commission acts as the EU’s executive body and proposes new laws. The European Parliament votes and passes these new laws. With its proposals, the Commission is seeking Council’s approval to sign the agreements which will then require European Parliament’s consent, before conclusion and entry into force, according to a statement issued by the European Commission.“The Indian authorities are in parallel going through their own internal ratification procedures,” it said.It added that the proposal to sign and conclude the FTA text is in line with the fast-track procedure laid out by EU Commissioner for Trade and Economic Security Maroš Šefčovič earlier this year. “The procedure aims at speeding up the implementation of FTAs, which is crucial at a time of geopolitical uncertainty and growing pressure on the global trading system,” it said. The two sides have said that the FTA will come into force in early 2027.