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India, EU finalise trade deal, to cut tariffs on 97% European exports
India and the European Union on Tuesday announced that they have finalised a free trade agreement representing 25% of global gross domestic product.
The deal will cut or eliminate tariffs on nearly 97% of European exports to India, AFP quoted the European Union as saying.
The Indian Ministry of Commerce said that New Delhi had gained preferential access to the European market across 97% of the tariff lines, covering 99.5% of the trade value.
The agreement will safeguard sensitive sectors, including dairy, poultry, and certain fruits and vegetables, the Indian government said.
It was unclear when the agreement will take effect. The deal needs to be vetted legally, approved by the 27 member nations of the European Union and ratified by the European Parliament.
Prime Minister Narendra Modi said on social media that the agreement announced on Tuesday would make accessing the European market easier for India's farmers and small industries.
While the tariffs on cars will be gradually lowered from 110% to 10%, the duties on wines will progressively be cut from 150% to 20%, according to the European Union. The levies on processed agricultural products such as bread and confectionary, that are currently at 50%, will be eliminated.
The deal would also provide predictable access to 144 sub-sectors in Europe such as information technology, finance and education, Modi said.
To increase mobility between India and the European Union, the agreements has a provision on guaranteed post-study visa of at least nine months, working rights for dependants of intra-corporate transferees and access for practitioners of Indian traditional medicine to work in the European Union's member states under their home titles.
Modi added that the deal would offer financial and technical support for Indian micro, small and medium enterprises in complying with carbon-related requirements, and provide cooperation in areas such as artificial intelligence, clean technology and semiconductors.
On Tuesday, at a joint press conference with European Commission President Ursula von der Leyen and European Council President António Costa, Modi described the agreement as “a historic moment”.
“We are opening a new chapter in our relations on trade, on security, and on people-to-people ties,” he added.
The deal is India's largest free trade agreement in history, Modi added on social media.
Von der Leyen said that Europe and India are “making history” by concluding the “mother of all deals”.
“We have created a free trade zone of two billion people, with both sides set to benefit,” von der Leyen said on social media. “We will grow our strategic relationship to be even stronger.”
The deal was finalised during the Delhi visit of the two European Union leaders for India's Republic Day parade.
The talks had begun in 2007 and had faced setbacks over differences on matters such as environmental regulations and access to the Indian market for European agricultural and dairy products.
The talks restarted in 2022.
India and the European Union represent one-fifth of global trade. The European Union is New Delhi's second-largest trading partner, accounting for 11.5% of India's goods trade.
In 2024, the bilateral trade of goods was worth more than 120 billion euros, or Rs 13 lakh crore. The exports by India were worth about 71.4 billion euros, or Rs 7.7 lakh crore that year.
The bilateral trade has doubled in the last decade, with imports by the European Union growing in proportion.
The European Union's key exports to India include transport equipment, machinery and appliances, and chemicals. Chemicals and appliances are also among India's major exports to the EU, besides fuels.
While negotiations on a trade deal with the United States have not concluded, India has in the past seven months signed agreements of varying nature with the United Kingdom and New Zealand.
India and the European Union on Tuesday also announced elevating the relationship to a security and defence partnership.
The partnership will be a “platform for [stronger] cooperation on the strategic issues that matter most – from defence industry to maritime security”, von der Leyen said on social media.
Source: Scroll
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