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India and EU Finalize Landmark Trade Deal
20 Aug
Summary
- Legal scrubbing of the India-EU trade pact is complete.
- Ninety-three percent of Indian shipments will get duty-free EU access.
- The EU bloc and India together account for 25% of global GDP.
India and the 27-nation European Union have successfully completed the legal scrubbing of their trade agreement, with the pact slated for signing this year.
This finalized text means that 93% of goods exported from India will gain duty-free access to the EU bloc. Conversely, consumers in India can anticipate lower prices on luxury items such as cars and wines imported from the EU.
The economic significance of this accord is substantial, as India and the EU collectively represent a quarter of the world's Gross Domestic Product (GDP).
Negotiations for this free trade agreement, hailed as the "mother of all deals," were announced as concluded on January 27. The pact aims to boost trade and economic ties between the two major economic powers.
