India Will Be the Biggest Beneficiary of the India–European Union Free Trade Agreement

Statement by US Trade Official Jamieson Greer

Washington DC (USA) — The India–European Union Free Trade Agreement (FTA) will benefit India the most, US trade official Jamieson Greer has said. He stated that the agreement is tilted in India’s favour from multiple perspectives.

Key Points Highlighted by Greer Regarding the Agreement!

1. The agreement will give India greater access to European markets.

2. Indian professionals and workers may get more opportunities to work in European countries.

3. Indian enterprises will get a major opportunity to expand their businesses in Europe.

4. Due to changing and increasingly stringent US trade policies, the European Union is looking for new markets, and is therefore turning towards large markets like India.

India–European Union Free Trade Agreement in Numbers

1. The agreement, described as the “Mother of All Deals,” was approved on January 26.

2. The agreement will create a market of 2 billion people.

3. It will cover approximately 25 per cent of global GDP.

4. Duties on 99 per cent of India’s exports will be eliminated.

5. Duties on more than 97 per cent of the European Union’s exports will be significantly reduced.

6. The agreement is likely to come into force in 2027.

7. India’s current 110 per cent import duty on four-wheelers such as BMW and Mercedes manufactured by German companies and imported from Europe will be reduced to just 10 per cent.

8. However, the agreement is still pending approval from European nations and the European Parliament.