Summary
India and the European Union (EU) have finalized a free trade agreement after nearly 20 years of talks. The deal aims to increase economic ties by lowering import taxes and allowing free trade on most goods. It is expected to boost job creation and economic growth for both regions.
Key Facts
- India and the EU reached a free trade agreement after two decades of negotiations.
- The agreement affects around 2 billion people and covers almost all goods.
- It will lower import taxes significantly, particularly for European wine and cars.
- The deal was partly encouraged by U.S. trade pressures on India and the EU.
- This partnership involves not just trade but also defense and security cooperation.
- The agreement could result in up to 4 billion euros ($4.7 billion) in tariff cuts annually.
- India will reduce tariffs for 96.6% of EU exports and Brussels will do the same for nearly 99% of India's exports.
- The deal excludes some Indian products like dairy and cereals due to domestic concerns.
