Mother of all deals': EU and India sign free trade agreement

"India and the EU have finalised a landmark free trade agreement, which the European Commission president, Ursula von der Leyen, hailed as the mother of all deals. The agreement comes after almost two decades of on-off negotiations between India and the EU, which vastly accelerated in the past six months and were finally concluded late on Monday night. The deal is expected to open up India's vast and traditionally tightly guarded market to the 27 nations in the bloc, with a focus on manufacturing and the services sector."

"It is expected to ease market access for key European products, including cars and wine, in return for easier exports of textiles, gems and pharmaceuticals. The agreement is expected to double EU exports to India by 2032 by eliminating or cutting tariffs in 96.6% of traded goods by value, and will lead to savings of 4bn (3.5bn) in duties for European companies, the EU said."

The deal finalises a landmark free trade agreement between India and the EU after almost two decades of negotiations and a rapid acceleration in the past six months. The agreement opens India's traditionally tightly guarded market to the 27 EU nations, with emphasis on manufacturing and services. The pact eases market access for European goods such as cars and wine while enabling easier Indian exports of textiles, gems and pharmaceuticals. Tariff elimination or cuts will apply to 96.6% of traded goods by value, aiming to double EU exports to India by 2032 and to save 4bn (3.5bn) in duties for European companies. The agreement covers roughly a third of global trade and creates a free trade zone spanning about two billion people.

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