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Brussels – The EU and India have agreed on a gigantic free trade agreement, which means lower tariffs on most consumer and industrial goods. For example, more exports of European cars to India are expected, which previously had tariffs in that area of up to 110 percent.
“Europe and India are making history today. We have completed the mother of all agreements,” says European Commission President Ursula von der Leyen at a press conference in New Delhi.
“We have created a free trade area with two billion people, which will benefit both sides,” adds von der Leyen.
Many sensitive agricultural products are admittedly exempt. Both sides still expect, among other things, more pasta and wine to India and other crops to Europe.
Simpler administration and trademark protection are also included in the agreement.
The deal comes after negotiations that have been going on for almost 20 years, but have also been paused for most of that time.
(27 January)