EU-India Trade Pact: A New Horizon for Global Commerce

India and the European Union have reached a landmark free trade agreement aimed at reducing tariffs and enhancing trade between both economies. The deal offers significant concessions for both EU and Indian exporters, aiming to streamline trade while addressing current geopolitical tensions with the United States.

In a historic development, India and the European Union have finalized a comprehensive free trade agreement to bolster economic ties and mitigate challenges from tensions with the United States. This agreement, years in the making, heralds a significant shift in trade dynamics, with both regions representing a substantial market of around 2 billion consumers.

The terms of the pact are favorable for both sides. EU exporters will benefit from immediate elimination of tariffs on 30% of goods traded with India, with additional tariff reductions affecting over 90% of EU exports. The Indian market will see enhancements in financial and maritime services, simplified customs processes, and strengthened intellectual property rights.

Indian exporters also stand to gain considerably from the removal of EU tariffs on 90% of their goods, with further reductions planned over the next seven years. This landmark deal carries provisions across various sectors including automobiles, agriculture, digital trade, and steel, setting the stage for increased cooperation and economic growth.

(With inputs from agencies.)