EU and India agree on free trade after 20 years of negotiations
The European Union and India have agreed on a free trade agreement. This was announced by Indian Prime Minister Narendra Modi, calling the treaty "the mother of all deals." According to him, the agreement covers about a quarter of the world economy and a third of global trade, and opens up "huge opportunities" for 1.4 billion residents of India and the population of Europe, writes BILD.
European Commission President Ursula von der Leyen and European Council President António Costa are visiting New Delhi, where they agreed on the final draft of the agreement with Indian Prime Minister Narendra Modi. Photo: AP Photo / Manish Swarup
Negotiations lasted almost two decades and concluded amid trade wars and the tariff policy of US President Donald Trump, which disrupted traditional supply chains.
Both Brussels and New Delhi view the treaty as a strategic step and a way to reduce dependence on the US and diversify economic ties. The EU is already considered India's largest trading partner.
The agreement provides for a massive reduction and abolition of duties: for most European goods, they will be zeroed out.
In particular, duties of up to 44% on machinery and electrical equipment, 22% on iron and steel, and up to 50% on processed products will disappear. Duties on wine will decrease from 150% to 20-30%, while olive oil and other vegetable oils will become duty-free.
Ursula von der Leyen and Narendra Modi will present the details of the deal in New Delhi.
After several months of legal review, the agreement could come into force within a year.
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