Summary

India-EU deal to reduce tariffs on nearly 97% of EU exports

India’s tariffs on EU cars to fall sharply to 10% over years

EU to cut tariffs on 99.5% of Indian goods

Trade pact to save European firms 4 billion euros in duties

Agreement opens vast and guarded Indian market to EU firms

India and the European Union struck a long‑delayed deal on Tuesday that will slash tariffs on most goods, aiming to boost two‑way trade and reduce reliance on the United States amid growing global trade tensions.

The deal is expected to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6% of traded goods by value, and will lead to savings of 4 billion euros ($4.75 billion) in duties for European companies, the EU said.

Source: Reuters