India and the European Union concluded a Free Trade Agreement (FTA) on January 27, paving the way for strong geoeconomic relations between the two. However, the deal awaits ratification by the European Parliament, EU member states, and India before entering into force. Ratification appears likely, given the strategic incentives on both sides to diversify economic and geopolitical partnerships. But the process may be protracted and politically contested, GeoQuant, a unit of Fitch Solutions, has said.