India-EU Trade Pact Set to Revolutionize Global Trade Ties
The European Union and India have reached a significant trade deal that grants Most Favoured Nation status to each other, aiming to enhance bilateral trade by reducing tariffs on nearly all goods. The deal will also deepen cooperation in digital trade and promote sustainable practices.
In a monumental step toward strengthening bilateral trade ties, the European Union and India have secured a comprehensive trade pact that promises to transform the global trade landscape. Set to grant Most Favoured Nation status, the agreement will ensure neither party offers better tariff terms to other partners for five years.
The historic deal, clinched after protracted negotiations, aims to reduce or eliminate tariffs on a vast majority of traded goods, thereby doubling EU exports to India by 2032, according to EU projections. The agreement is poised to deliver significant savings, estimated at 4 billion euros, for European businesses.
Emphasizing a digital future, the pact pledges to remove unjustified barriers in digital trade, promote paperless commerce, and enhance data privacy protections. Furthermore, the EU has committed financial support to bolster India's initiatives aimed at reducing greenhouse gas emissions, showcasing a shared commitment to sustainable development.
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