India, EU reach landmark trade deal, tariffs to be slashed on most goods
Summary
India and the European Union have reached a landmark trade deal that will slash tariffs on most goods, aiming to double EU exports to India by 2032 and enhance economic ties while reducing reliance on the US.
Key Points
- India and the European Union have struck a landmark trade deal to cut tariffs on the majority of traded goods between the two entities.
- The deal is expected to double EU exports to India by 2032 and save European companies 4 billion euros in duties.
- India will reduce tariffs on key sectors like automobiles and alcoholic beverages to open its guarded market to EU products.
- The trade agreement excludes certain agricultural products and includes commitments to address carbon tax flexibilities and environmental support.
- The formal signing is expected after a legal vetting process lasting five to six months, with implementation anticipated within a year.
