India and the European Union are preparing to grant each other Most Favoured Nation (MFN) status once their landmark free trade agreement comes into force. The move, embedded within the draft text of the agreement, will bind both sides to World Trade Organization (WTO) disciplines and ensure they do not impose new import or export restrictions beyond agreed global rules, as per a report by Reuters. The pact, concluded after nearly 18 years of negotiations, is expected to take effect within a year following legal vetting and ratification by the European Parliament and India's authorities. It will progressively eliminate or reduce tariffs on 96.6% of traded goods by value. Brussels estimates the deal could double EU exports to India by 2032 and save European companies around €4 billion annually in duties.