Exclusive: EU trade chief says trade deal will open India market - Euronews.com

India and the European Union (EU) have finalized a landmark free trade agreement, described by EU Commission President Ursula von der Leyen as the “mother of all deals.” This agreement concludes nearly two decades of negotiations, which have seen significant acceleration over the past six months. The deal was finalized late on a Monday night and is viewed as a crucial step in enhancing trade relations between India and the EU amid rising tensions with the United States, which has imposed steep import tariffs affecting both economies. As part of the agreement, India is expected to reduce tariffs on cars to 40%. In exchange, the EU will ease access for Indian exports, including textiles, gems, and pharmaceuticals. This trade deal aims to strengthen economic ties and create a more balanced trading environment between the two regions. The agreement is anticipated to cover various sectors, including goods and services, and is expected to provide mutual benefits and create new opportunities for businesses in both regions. The negotiations for this free trade agreement have been ongoing for several years, with recent developments indicating that both sides were ready to wrap up talks. The finalization of this trade deal is seen as a strategic response to the uncertainty created by U.S. tariffs, prompting both India and the EU to explore alternative partnerships. The agreement reflects their commitment to fostering stronger economic ties in light of the changing global trade landscape.