India-EU Trade Deal: Cars, Wine, and More to Get Cheaper with Tariff Cuts

• The India-EU free trade agreement will reduce import duties on 96.6% of EU exports to India and 99.5% of Indian exports to the EU, making it a comprehensive pact.
• EU exporters are expected to save up to €4 billion annually in customs duties, with bilateral trade already exceeding €180 billion.
• Tariffs on European motor vehicles will drop from 110% to 10% for an annual quota of 250,000 vehicles, while industrial goods like machinery, pharmaceuticals, and medical equipment will see deep cuts.
• Agricultural products such as olive oil, margarine, breads, and fruit juices will become duty-free; premium wines will see duties fall from 150% to 20%, and spirits to 40%.
• The deal is hailed as a historic milestone, strengthening economic and political ties between India and the EU, which together account for 25% of global GDP.

Why It Matters: The India-EU trade deal will significantly cut import duties across various sectors, making European goods more affordable.