The India-EU trade deal is a game-changer for consumers, slashing tariffs on 97% of European exports. This means lower prices for Indians on a wide range of products, from chocolates and wines to cars and machinery. The deal, hailed as the 'largest ever' between the EU and India, will save Indian consumers up to €4 billion annually in duties on European goods. Here's a breakdown of what's getting cheaper for Indians:
Industrial Goods
| Product | Current Tariff (%) | Future Tariff (%) |
| --- | --- | --- |
| Machinery and Electrical Equipment | Up to 44 | 0 for almost all products |
| Aircraft and Spacecraft | Up to 11 | 0 for almost all products |
| Optical, Medical, and Surgical Equipment | Up to 27.5 | 0 for 90% of products |
| Plastics | Up to 16.5 | 0 for almost all products |
| Pearls, Precious Stones, and Metals | Up to 22.5 | 0 for 20% of products, tariff reduction for another 36% |
| Chemicals | Up to 22 | 0 for almost all products |
| Motor Vehicles | 110 | 10 (quota of 250k) |
| Iron and Steel | Up to 22 | 0 for almost all products |
| Pharmaceuticals | 11 | 0 for almost all products |
Agricultural Goods
| Product | Current Tariff (%) | Future Tariff (%) |
| --- | --- | --- |
| Wine | 150 (premium), 30 (medium) | 20 (premium), 30 (medium) |
| Spirits | Up to 150 | 40 |
| Beer | 110 | 50 |
| Olive Oil, Margarine, and Vegetable Oils | Up to 45 | 0 |
| Kiwis and Pears | 33 | 10 in-quota |
| Fruit Juices and Non-Alcoholic Beer | Up to 55 | 0 |
| Processed Food (Bread, Pastries, Biscuits, Pasta, Chocolate, Pet Food) | Up to 50 | 0 |
| Sheep Meat | 33 | 0 |
| Sausages and Meat Preparations | Up to 110 | 50 |
The deal is expected to strengthen economic ties between the world's two largest democracies, even amidst rising geopolitical tensions. The EU emphasizes that it will make trading easier, cheaper, and faster, benefiting both Indian and European businesses. Prime Minister Narendra Modi described it as a 'perfect example of a partnership between two major economies,' representing 25% of global GDP and a third of global trade.
