India and EU Finalize Landmark Trade Deal to Boost Exports and Cut Tariffs
ReutersJanuary 28, 20262 min47,369 views
13 connectionsยท14 entities in this videoโLandmark India-EU Trade Agreement
- ๐ช๐บ๐ฎ๐ณ India and the European Union have finalized a landmark trade deal, aiming to strengthen strategic partnership and hedge against unpredictable global ties.
- ๐ฏ The agreement is expected to double EU exports to India by 2032 and signifies a move to the next level of cooperation.
Tariff Reductions and Economic Impact
- ๐ The EU will eliminate or reduce tariffs on 96.6% of traded goods, projecting savings of 4.75 billion in duties.
- ๐ India will cut tariffs on 99.5% of goods over 7 years, including marine goods, leather, textiles, chemicals, base metals, and gems and jewelry.
- ๐ Automobile tariffs will be slashed to 10% over 5 years from as high as 110%, benefiting European automakers like VW, Renault, Mercedes-Benz, and BMW.
Historical Significance and Global Context
- ๐ Prime Minister Narendra Modi hailed the deal as the largest free trade agreement in India's history, expected to boost investment and strengthen global supply chains.
- ๐ The agreement follows recent EU pacts with Mercosur, Indonesia, Mexico, and Switzerland, underscoring global efforts to diversify trade relationships amidst geopolitical shifts and trade uncertainties with the US.
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India-EU Trade DealFree Trade AgreementTariff ReductionEU ExportsAutomobile TariffsMarine GoodsTextilesLeather ProductsInvestment BoostSupply Chain StrengtheningEuropean UnionNarendra ModiAntonio CostaGlobal Trade
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