The European Commission has asked EU member states for approval to sign and conclude its landmark Free Trade Agreement with India, a deal that would eliminate or reduce tariffs on 96% of EU goods exports and save exporters an estimated €4 billion a year. Once cleared by the Council, the pact still needs European Parliament consent and India's own ratification before it can enter into force.

The European Commission has asked EU member states for approval to sign and conclude its landmark Free Trade Agreement with India, a deal that would eliminate or reduce tariffs on…

EU's proposal for the India FTA moves closer to finalization, potentially becoming the largest trade deal for both economies.