The European Union and India have finalized a free trade agreement that will cover 25% of global GDP and nearly one-third of world trade, the EU\u2019s press service reported.<\/p>\n
The EU and India trade goods and services worth more than \u20ac180 billion annually, supporting around 800,000 jobs in the EU. The agreement is expected to double EU exports of goods to India by 2032 by eliminating or reducing tariffs on 96.6% of goods exported from the EU to India. Overall, tariff reductions are expected to save about \u20ac4 billion per year in customs duties on European products.<\/p>\n
\u201cToday, the EU and India are making history by deepening the partnership between the world\u2019s largest democracies. We have created a free trade area with a population of 2 billion people, and both sides will benefit economically. We have shown the world that rules-based cooperation continues to deliver excellent results,\u201d said European Commission President Ursula von der Leyen.<\/p>\n
For his part, Indian Prime Minister Narendra Modi stressed that people around the world are calling this agreement the \u201cmother of all deals.\u201d \u201cThis agreement will open up enormous opportunities for 1.4 billion people in India and millions of people in Europe,\u201d he said.<\/p>\n
The EU noted that agriculture, automotive manufacturing, and services will benefit the most from the deal. Tariffs on EU-made cars will be gradually reduced from 110% to 10%, while duties on auto parts will be completely eliminated within five to ten years.<\/p>\n
Tariffs of up to 44% on machinery, 22% on chemicals, and 11% on pharmaceuticals will also be largely removed. Duties on EU wines will be cut from 150% to 75%, while tariffs on olive oil will be reduced from 45% to 0%. India will also fully eliminate duties on processed foods such as pasta and chocolate.<\/p>\n
The agreement will also grant EU companies preferential access to India\u2019s services market, including key sectors such as financial services and maritime transport.<\/p>\n
The official signing of the EU\u2013India agreement will take place after a legal review, which is expected to last five to six months.<\/p>\n
Work on the agreement began in 2007. Negotiations repeatedly stalled and were suspended in 2013, before resuming in 2022.<\/p>\n","protected":false},"featured_media":151039,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-151038","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/151038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/151039"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=151038"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=151038"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=151038"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=151038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}