India and EU Seal Trade Deal Cutting Tariffs on Majority of Goods
- brg_news_room
- 6 days ago
- 1 min read
INDIA: India and the European Union reached a long-awaited trade agreement on Tuesday, aimed at significantly reducing tariffs on most goods to boost bilateral trade and lessen dependence on the United States amid rising global trade tensions. The deal is expected to double EU exports to India by 2032 by removing or lowering tariffs on 96.6% of traded goods by value, generating an estimated €4 billion ($4.75 billion) in duty savings for European companies, according to the EU.
Under the agreement, the EU will gradually eliminate tariffs on 99.5% of imports from India over a seven-year period. Key Indian exports set to see tariffs reduced to zero include marine products, leather and textiles, chemicals, rubber, base metals, and gems and jewellery, the Indian trade ministry said. Agricultural products such as soya, beef, sugar, rice, and dairy are excluded from the pact.
Source: EU
