India-EU Trade Deal: 'Game-Changer' Pact Signed, Boosting Manufacturing and Global Economy
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India and the European Union have made history by signing a groundbreaking trade deal, marking a significant milestone in their economic partnership. The agreement, set to save €4 billion annually in duties, will see India cut tariffs on nearly 97% of goods imported from Europe, paving the way for increased trade and economic growth. According to Prime Minister Narendra Modi, the deal will be a 'big boost' to India's manufacturing and services sectors. He hailed the agreement as a 'perfect example' of cooperation between two major global economies, representing 25% of the world's GDP and one-third of global trade. The deal was finalized after months of negotiations, with the EU and India working closely to overcome obstacles. Commerce Secretary Rajesh Agrawal confirmed that the agreement will take effect next year, following a 5-6 month review period. The trade pact has been met with enthusiasm from European leaders, with European Commission President Ursula von der Leyen praising India's growth and stability. However, the development has sparked concern from the US, with Treasury Secretary Scott Bessent criticising European countries for financing a 'war against themselves' by purchasing refined Russian oil products from India. The signing of the India-EU trade deal marks a significant step forward in the region's economic landscape, with far-reaching implications for trade, investment, and economic growth. As the agreement takes effect, it is expected to have a profound impact on businesses, industries, and communities across both regions.
