EU and India finalise landmark free trade agreement
After nearly 20 years of talks, the deal cuts tariffs on most goods and opens Indian markets to EU firms, with a formal signing expected later this year.
- Negotiations that began in 2007 concluded late after an accelerated push in the past six months.
- The agreement eliminates or cuts tariffs on 96.6% of traded goods by value.
- The EU expects its exports to India to double by 2032 and companies to save about €4bn in duties.
- India will cut car tariffs to 10% over five years and allow up to 250,000 European vehicles at preferential rates.
- The pact targets manufacturing and services and eases access for cars and wine from the EU and textiles, gems and pharmaceuticals from India.
- Formal signing is scheduled later this year and the deal could enter into force early next year.