New Delhi and Brussels have agreed a landmark trade deal set to eliminate up to €4bn in tariffs on EU exports and potentially double shipments to India.
The agreement was finalised during a visit by European Commission President Ursula von der Leyen and European Council President António Costa, alongside Indian Prime Minister Narendra Modi.
The pact will cut or remove tariffs on 96.6% of EU exports to India, while leaving sensitive agricultural sectors on both sides excluded.
Key provisions
• EU car tariffs in India reduced from 110% to as low as 10%, capped at 250,000 vehicles annually
• Machinery, chemicals and pharmaceuticals tariffs largely eliminated
• Wine duties cut from 150% to as low as 20%; olive oil tariffs phased to zero over five years
• 99% of Indian exports gain preferential access to the EU
• €500mn EU support pledged for Indian industrial decarbonisation
The deal now awaits approval from the European Parliament, EU member states, and India’s cabinet.
ℹ️ EC AV Portal, Financial Times
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