India Secures Major Trade Wins with EU and US Deals

• India and the US announce a long-pending trade deal, with the US cutting tariffs on Indian goods to 18% from a previous 25%.
• The India-EU trade deal, concluded after two decades, sees India reducing tariffs on 96.6% of EU exports, including cars (110% to 10%) and alcoholic beverages (150% to 75%).
• Under the EU deal, India will have zero tax on 99.5% of its exports to the bloc, with 95% of "labour-intensive" exports gaining duty-free access.
• The EU deal is projected to increase trade between India and the bloc by 41-65%, potentially reaching $272 billion by 2032.
• The US deal is expected to boost Indian exports in steel, textiles, pharmaceuticals, and seafood, with trade potentially reaching $300 billion in the short term.

Why It Matters: India's new trade pacts with the EU and US promise significant economic growth and market access.