India and the European Union on Tuesday announced that they have finalised a free trade agreement representing 25% of global gross domestic product.
The deal will cut or eliminate tariffs on nearly 97% of European exports to India, AFP quoted the European Union as saying.
The Indian Ministry of Commerce said that New Delhi had gained preferential access to the European market across 97% of the tariff lines, covering 99.5% of the trade value.
The agreement will safeguard sensitive sectors, including dairy, poultry, and certain fruits and vegetables, the Indian government said.
It was unclear when the agreement will take effect. The deal needs to be vetted legally, approved by the 27 member nations of the European Union and ratified by the European Parliament.
Prime Minister Narendra Modi said on social media that the agreement announced on Tuesday would make accessing the European market easier for India’s farmers and small industries.
While the tariffs on cars will be gradually lowered from 110% to 10%, the duties on wines will progressively be cut from 150% to 20%, according to the European Union. The levies on processed agricultural products such as bread and confectionary, that are currently at 50%, will be eliminated.
The deal would also provide predictable access to 144 sub-sectors in Europe such as information technology, finance and education, Modi...
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