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European Commission has forwarded the India-EU Free Trade Agreement to the European Council for signature and conclusion.
The deal would still need European Parliament consent after Council approval.
Indian authorities are pursuing parallel domestic ratification procedures.
One report says the pact could cut tariffs on 96 percent of EU goods exports to India.
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Another says it could save European exporters around four billion euros annually.
The agreement is also described as aiming to preserve protections for sensitive agricultural sectors on both sides.