India and EU Grant Each Other Trade Status in Draft Deal

The European Union and India have agreed to grant each other Most Favoured Nation status for a period of five years, according to a draft trade agreement revealed on Friday. The arrangement is set to take effect from the date the trade deal officially enters into force. Under the terms of the draft, both regions commit to treating one another as preferred trading partners, ensuring that any trade advantages extended to third nations are also applied to each other. This reciprocal status is a cornerstone of the broader economic partnership being negotiated between Brussels and New Delhi. The five-year duration specified in the draft provides a clear timeline for the initial phase of the agreement, aimed at fostering a more integrated and stable trading environment for businesses in both markets.