India and EU reach trade deal covering 99.5% Indian exports
India and the European Union just wrapped up a huge free trade agreement after years of talks, announced in New Delhi on Tuesday.
A Commerce Ministry official called it the "mother of all deals," connecting two major economies that together handle nearly a third of global trade.
The deal is set to 99.5% of India's exports will get preferential tariff treatment in the EU market.
This is great news for sectors like textiles, agriculture, gems, and marine products that currently face steep duties.
Deal expected to boost trade, investment
Labor-intensive products worth $33 billion are expected to benefit most; plus there are perks like easier movement for professionals and smoother digital payments.
Sensitive areas like dairy and cereals are protected from concessions.
With this agreement tapping into both India's and the EU's massive trade networks, the agreement is expected to boost trade and investment, a pretty big step forward for supply chains and global business.