T he prospect of a comprehensive Free Trade Agreement (FTA) between India and the European Union (EU) is once again in the spotlight, stirring both excitement and skepticism. While the forces of global geopolitics and economic necessity seem to be nudging the two sides closer, history reminds us that optimism must be tempered with caution. Over the past two decades, India and the EU have flirted with the idea of a bilateral FTA repeatedly, yet each attempt has stalled, usually due to “a gap in ambition.” The end-of-2025 target for a formal deal is ambitious, but not entirely unrealistic.

To grasp the significance of the potential FTA, it is worth revisiting the economic gravity of the EU in India’s trade calculus. A common misconception persists among many Indians that either the United

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