India, EU seal landmark trade deal to slash tariffs on most goods
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, […]