US EditionIndia, EU finalize landmark trade deal representing 25% of global GDP
The deal covers 25% of global GDP and aims to boost trade, investment, and market access after nearly two decades of negotiations, officials said.
- On Jan 27, Prime Minister Narendra Modi said the deal is expected to double EU exports to India by 2032, saving 4 billion euros in duties, in New Delhi.
- Talks dating to 2007 stalled in 2013 and relaunched in 2022, gaining momentum after U.S. President Donald Trump imposed a 50% tariff on Indian goods, India's Commerce Secretary Rajesh Agarwal said Monday the deal is finalised.
- The agreement cuts tariffs with the European Union lowering duties on 99.5% of goods over seven years, while India phases car tariffs to 10% in five years and reduces wines and spirits tariffs to 20% and 40%.
- Prime Minister Narendra Modi said the deal creates a market of about 1.4 billion people and expands access for Indian exporters while easing European investments, representing 25% of global GDP.
- Formal signing is likely later this year after approval by the European Parliament and the European Council, with legal vetting expected to last five to six months before the EU leaders' visit to New Delhi.
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It creates a free trade area of 2 billion people, which will benefit both the EU and India.
The EU and India today signed a comprehensive free trade agreement at a summit in New Delhi that will gradually eliminate or reduce tariffs on virtually all goods. European Commission President Ursula von der Leyen called the agreement "the mother of all deals".
EU and India seal historic trade deal after 18 years of talks
New Delhi and Brussels announced on Tuesday that they had concluded the largest bilateral trade deal in their histories after almost two decades of negotiations. The pact links India’s 1.4 billion-person economy with the 27-nation European Union and, according to both sides, will create a free-trade zone for around 2 billion consumers and sharply lower tariffs and other barriers that have long hindered commerce between the two regions.
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