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India, EU finalize landmark trade deal representing 25% of global GDP
The agreement cuts tariffs on cars, wine, and machinery and will boost trade to $200 billion by 2030, officials said, after nearly two decades of negotiations.
- Tuesday's 16th India‑EU Summit in New Delhi saw negotiators declare India‑EU Free Trade Agreement concluded, creating a market of two billion people and representing about 25% of global GDP.
- Following recent pacts with Mercosur and others, EU and India moved to open markets and diversify amid US tariffs and Chinese controls after relaunching negotiations in 2022.
- The pact includes tariff cuts on nearly all European exports, with Indian car tariffs reduced from up to 110% to 40%, while sensitive sectors like agriculture remain protected.
- Legal teams are now vetting the text, with formal signing expected after five to six months, and ratification required by the European Parliament and European Council, targeting 2027.
- For exporters and manufacturers, Indian labour-intensive sectors gain while European carmakers and exporters secure expanded market access and mobility, security and defence cooperation components deepen ties.
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The EU and India have launched the "mother of all deals". THE STANDARD provides an overview of the most important questions and answers
·Vienna, Austria
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India, EU ‘make history’ as they seal trade pact amid US tariff pressure
India and the European Union on Tuesday announced a long-awaited free trade agreement that Prime Minister Narendra Modi described as the “mother of all deals”, as both sides moved to strengthen economic ties in a global trade order unsettled by rising US protectionism. The pact, once implemented, is expected to create one of the world’s largest trading blocs and deepen commercial links between the EU’s 27 member states and the world’s most popul…
·Hong Kong
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Coverage Details
Total News Sources309
Leaning Left47Leaning Right35Center46Last UpdatedBias Distribution37% Left
Bias Distribution
- 37% of the sources lean Left
37% Left
L 37%
C 36%
R 27%
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