"After nearly two decades of negotiations, India and the European Union announced Tuesday they have reached a free trade agreement to deepen economic and strategic ties. The accord, which the EU chief described as the "mother of all deals," could affect as many as 2 billion people. The deal between two of the world's biggest markets comes as Washington targets both India and the EU with steep import tariffs, disrupting established trade flows and pushing major economies to seek alternate partnerships."
""This agreement will bring major opportunities for the people of India and Europe," India's Prime Minister Narendra Modi said in a virtual address to an energy conference. "It represents 25% of the global GDP and one-third of global trade." The accord will see free trade on almost all goods between the 27 members of the EU and India, covering everything from textiles to medicines and bringing down high import taxes for European wine and cars."
After nearly two decades of negotiation, India and the European Union concluded a free trade agreement eliminating most tariffs on goods between the 27 EU members and India. The accord could affect as many as two billion people and represents about 25% of global GDP and one-third of global trade. The agreement covers textiles, medicines, wine, and cars, and reduces high import taxes. It establishes a framework for defense and security cooperation and a separate pact to ease mobility for skilled workers and students. Negotiations accelerated amid U.S. import tariffs and shifting global trade dynamics.
#indiaeu-free-trade #trade-diversification #defense-and-security-cooperation #skilled-worker-mobility
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