India-EU Historic Trade Deal: Tariffs Cut on 96.6% EU Products, PM Modi Announces

• India and the European Union have reached a historic trade deal, announced by PM Modi, with a formal joint statement expected soon.
• Under the agreement, tariffs on 96.6% of EU products will be reduced or eliminated, benefiting various sectors.
• India will see reduced or eliminated duties on garments, textiles, gems, and jewelry in Europe.
• Specific tariff reductions include EU alcohol (40%), beer (50%), and complete elimination for olive oil, edible oil, fruit juice, and processed food.
• The deal aims to double trade by 2032, reduce tariffs on EU cars (10%), machinery, pharma, and chemicals, and includes EU support for greenhouse gas reduction.

Why It Matters: India and the EU finalize a landmark trade deal, significantly reducing tariffs and boosting economic partnership.