India Eu signed Mother Of All Deals
While describing it as Mother of all Deal Indian Prime Minister annouced signing of india-EU trade deal. The Free Trade Agreement between India and European Union(EU) represents “25 per cent of the global GDP and 1/3rd of global trade”.It will give a big boost to India’s manufacturing and the services sector. It is said that it will remove barriers on over 90% of Indian goods. European Commission President Ursula von der Leyen was cheif guest of Republic Day.
The deal will gradually reduce the import duty on car.s Reduction will be upto 10% with an annual quota of 2.5 lakh vehicles.
India will also reduce import duties on
Wine,Spirits,Beer,Olive oil, margarine and other vegetable oils,Processed food (breads, pastries, biscuits, pasta, chocolate, pet food),Kiwis and pears,Fruit juices and non-alcoholic beer,,Sheep meat,Sausages and other meat preparations.
EU will get aceesse to s to India’s services market, particularly in financial services, maritime services, and other key sectors.
AI GENERATED
MOTHER OF ALL DEALS
Sheer market size
India-EU not only is about billion people together but also roughly 25% of global GDP. Also, India largest trading partner in goods is EU. The FTA will give fillip to already trade between them.
Geoeconomic shifts + Geopolitical churning
Today international trade is inflicted by trade fragmentation, tariff battles, supply-chain shifts. USA trade policies exacerbating this churning. In this context INDIA-EU trade deal establishes stable corridor and seen as a big strategic move.
DIVERSIFYING TRADE
The deal not only covers technology & standards, clean-tech/semiconductors/pharma cooperation but also and supply-chain security (“strategic sectors”). Not just import/exports india will be plugged into high-value global value chains.
This negotiation has been on-and-off for nearly two decades, so concluding it seen as a once-in-a-generation milestone.
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