India-EU FTA — Mother of All Deals
The Hindu
India and the EU finalize a landmark free trade agreement, enhancing trade ties and impacting 1.9 billion people globally.
The free trade agreement (FTA) between India and the European Union (EU) has been termed "mother of all deals".
According to a Commerce Ministry official, this is one of the largest bilateral trade deals that has happened across the world.
The China-ASEAN trade deal is also amongst the largest, but ASEAN is a grouping of 10 different countries (Southeast Asian nations). They are not a customs union like the EU.
India-EU Summit LIVE
ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. India also has a free trade agreement in goods with this grouping.
"So it's a huge deal in that sense," the official said.
The India-EU FTA is set to make luxury European cars cheaper in India through phased duty reductions and import concessions.
European wines will become more affordable in India as import duties drop from 150% to 20% under the new FTA.
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