India and the European Union have reached a landmark trade agreement that will sharply cut or eliminate tariffs on most goods, opening up India’s vast market and deepening ties between the two economies. The pact aims to reduce duties on 96.6 percent of traded goods by value and is expected to double EU exports to India by 2032 while saving European companies about 4 billion euros in customs duties.
Under the deal, the EU will phase out tariffs on 99.5 percent of goods imported from India over seven years, including marine products, leather, textiles, chemicals, rubber, base metals and gems and jewellery. Sensitive farm products such as soya, beef, sugar, rice and dairy are excluded from the agreement.
For European carmakers, India will slash tariffs on imported vehicles from as high as 110 percent to 10 percent over five years, with an interim cut to 30–35 percent on up to 250,000 cars a year priced above 15,000 euros once the deal takes effect. Tariffs on European wines will drop immediately from 150 percent to 75 percent and then gradually to 20 percent, while duties on spirits will be lowered to 40 percent.
Indian Prime Minister Narendra Modi hailed the pact as the “mother of all deals”, saying it will create major opportunities for India’s 1.4 billion people and millions in Europe. European Commission President Ursula von der Leyen said “Europe and India are making history today,” describing the agreement as a starting point for closer strategic and economic cooperation.
The deal comes as both sides seek to diversify trade and reduce reliance on the United States amid rising global protectionism. Formal signing will follow legal vetting expected to take five to six months, with officials saying they hope implementation can begin within a year, although EU lawmakers could still scrutinise the text as they did with the Mercosur agreement.
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