Summary
India and the European Union (EU) announced a new trade deal, marking a significant shift in their economic relationship. The deal occurred due to changing global politics and concerns about U.S. trade policies under President Donald Trump. India and the EU aim to strengthen ties amid global trade uncertainties.
Key Facts
- The trade deal between India and the EU aims to improve economic relations.
- The EU is India's largest trading partner, with trade in goods totaling $142.3 billion in 2024.
- India ranks as the EU's ninth-largest trading partner.
- Trade talks between India and the EU were stalled for 20 years before this agreement.
- U.S. tariffs, particularly those imposed by President Trump, have impacted global trade, affecting both India and the EU.
- The deal is part of a broader move by countries to secure trade agreements amid global economic unpredictability.
- Indian Prime Minister Narendra Modi and EU leaders praised the agreement as a major milestone.
