EU and India Forge Landmark Trade Deal, Shaping Global Dynamics
The European Union and India have announced a historic free trade agreement, dubbed the “mother of all deals,” after nearly two decades of negotiations. This pact, impacting 2 billion people and a quarter of global GDP, aims to reduce tariffs on a vast range of goods, significantly benefiting automotive and textile sectors.
Tariffs on 96.6% of EU goods to India will be cut, saving about €4 billion annually. In return, the EU will lower tariffs on 99.5% of Indian imports. This strategic move comes amid rising economic tensions with the US, signaling a shift towards diversified trade partnerships. Experts suggest this deal could redefine global trade relations, especially for countries like Australia looking to strengthen ties with India.
What do you think about this new trade landscape?
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https://theconversation.com/what-the-mother-of-all-deals-between-india-and-the-eu-means-for-global-trade…