Indian Prime Minister Narendra Modi will hold a summit with visiting EU leaders Ursula von der Leyen and António Costa early Tuesday morning.
They also aim to reach at least two major agreements.
It is widely expected that EU foreign affairs chief Kaja Kallas can sign a security and defense partnership with India.
Even more important, but less certain, is that it will also be the conclusion of a comprehensive trade agreement that covers almost two billion people.
Cars, steel and wine
Negotiations are ongoing until the very end.
Among other things, India is expected to sharply reduce its tariffs on imports of European cars from up to 110 percent to 40 percent, according to Reuters.
Lower tariffs are also expected for wine, spirits and olive oil, among other things, while India hopes to be exempt from new European steel tariffs.
One of the stumbling blocks is the EU's so-called carbon dioxide tariff (CBAM), which is levied on certain goods from countries with lower climate ambitions than the EU.
“Important milestone”
The CEO of the Confederation of Swedish Enterprise, Jan-Olof Jacke, is keeping his fingers crossed for a solution.
"Unsworn is best and nothing is clear until it is completely clear, but it is an important milestone that we have come here and it is an important signal we are sending to the outside world," he says by phone from India, where he is part of the European delegation.
The talks have moved much faster than most expected, largely due to the U.S.'s much more confrontational trade policy under President Donald Trump.
"When others seek protectionism and when the global situation is so unstable, it becomes more attractive to move forward and reach an agreement," Jacke says.
Progress and setbacks
The EU's trade policy has recently been marked by both progress and setbacks. A trade war with the U.S. is still not entirely averted, while the major agreement with the Mercosur countries in South America is in serious doubt.
The agreement has indeed just been approved with pomp and circumstance - but was immediately sent to the EU Court of Justice after protests from farmers and in the EU Parliament.
However, the Confederation of Swedish Enterprise does not believe that the agreement with India is at risk of the same thing happening.
"In all likelihood, it is extremely limited in the agricultural area, and this probably makes it easier to reach a final agreement," says Jan-Olof Jacke.
