India Forges Trade Deals with EU and Others as Counter to US Tariffs and Global Economic Uncertainty
Summary
India is forging free trade agreements with the EU, New Zealand, UK, and Oman to counteract high U.S. tariffs and reduce economic dependence on the U.S. amid global uncertainties.
Key Points
- India faces a 50 percent tariff in the U.S. versus 15 percent in the EU and has signed multiple FTAs to mitigate U.S. tariff impacts.
- The EU-India FTA aims to reduce India's dependence on the U.S. and China and is seen as a strategic balance against protectionism.
- India has recently signed FTAs with the EU, New Zealand, the UK, and Oman, enhancing trade and economic ties despite U.S. opposition.
- These FTAs are expected to boost India's exports in pharmaceuticals, textiles, chemicals, and other sectors, offsetting losses caused by U.S. tariffs.
