"It says the agreement will save up to 4bn per year in duties on European products and pointedly says it is the biggest trade opening India has given to any trade partner (hello UK). Here are some specific examples from the Q&A: For example, tariffs on cars will gradually go down from 110% to 10% with a quota of 250,000 vehicles a year. High tariffs of up to 44% on machinery, 22% on chemicals and 11% on pharmaceuticals will be mostly eliminated."
"The accord would open up India's vast and highly guarded market, with New Delhi slashing tariffs on cars to 10% over five years from as high as 110%, Reuters reported. Indian prime minister Narendra Modi, European Council president Antonio Costa and European Commission president Ursula von der Leyen hold a joint press statement at the Hyderabad House in New Delhi, India."
An EU–India trade agreement will save up to 4bn per year in duties on European products and marks the largest market opening India has granted to any partner. Tariffs on cars will fall from as high as 110% to 10% over five years with a 250,000 vehicles-per-year quota. High tariffs on machinery (up to 44%), chemicals (22%) and pharmaceuticals (11%) will be mostly eliminated. The deal cuts tariffs on machinery, electrical equipment, iron and steel and more, and is accompanied by separate mobility, security and defence arrangements. EU–India trade exceeds 180bn and supports about 800,000 EU jobs, with EU goods exports to India expected to grow substantially by 2032.
Read at www.theguardian.com
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