India and the European Union (EU) are expected to sign their long-awaited free trade agreement (FTA) by December this year, with the pact likely to come into force by February-March 2027, Union Minister of Commerce and Industry Piyush Goyal said on Sunday.

Addressing chartered accountants at an event here, the minister said the agreement would significantly enhance India's access to the European market by reducing tariffs on a wide range of goods.

"Now, with almost zero duty, almost the entire European market will be open for us. The EU's FTA will be signed by December and will be effective by February-March," the minister added.

India and the 27-nation European Union had announced on January 27 the conclusion of negotiations for what Goyal had described as the mother of all deals.

Under the proposed pact, about 93 per cent of Indian exports are expected to enjoy duty-free access to the EU market.

The minister highlighted the growing importance of India in the global economy, saying that countries around the world are keen to strengthen economic partnerships with the country.

"The whole world is looking towards India," Goyal said.

In addition, the minister revealed that US Trade Representative Jamieson Greer is scheduled to visit India this week for discussions on the proposed bilateral trade agreement between the two countries.

During the interaction with CAs, Goyal also underscored the importance of preserving India's cultural heritage alongside economic growth. Referring to Prime Minister Narendra Modi's vision for the country, he said development and heritage must go hand in hand.

"Prime Minister Narendra Modi always tells us that the nation needs development, and the nation also needs its heritage. No country has become a developed nation without taking care of its culture, heritage and traditions," Goyal said.