India-EU FTA: Full list of 30 plus products that will get cheaper - Wine, chocolates, cars & more
The newly concluded India-EU Free Trade Agreement will lower tariffs on numerous products ranging from cars to chocolate, wine, pharmaceuticals among other products. Here's the full list
India-EU FTA: From cars, machinery to sweet treats , the newly concluded India-EU Free Trade Agreement (FTA) will make at least 30 plus European products cheaper for Indian consumers.
Prime Minister Narendra Modi confirmed on Tuesday, that India and the European Union have finalised the long-awaited deal. According to an EU fact sheet, high tariffs of up to 44% on machinery, 22% on chemicals and 11% on pharmaceuticals will be mostly eliminated, apart from cut in trade duties on other products.
Which items get cheaper? Check full list
Here's the full list of items ranging from machinery and electrical equipment to wine, beer, olive oil, sausages and other meet preparations that will get cheaper:
| Product | Current tariffs | Future Tariffs |
|---|---|---|
| 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 the products |
| Plastics | Up to 16,5%
| 0% for almost all products |
| Pearls, precious stones and metals | Up to 22,5%
| 0% for 20% of the products and tariff reduction for another 36% of the products |
| 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 |
| Wine | 150% | 20% (premium range); 30% (medium range) |
| Spirits | Up to 150% | 40% |
| Beer | 110% | 50% |
| Olive Oil, margarine and other 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 (breads, pastries, biscuits, pasta, chocolate, pet food) | Up to 50% | 0% |
| Sheep meat | 33% | 0% |
| Sausages and other meat preparations | Up to 110% | 50% |
The pact is expected to be formally signed after legal vetting, which is likely to take about 6 months. The European Parliament will also have to ratify it.
What's next, what is needed for the deal to come into force?
According to the official release by the European Commission, here are the steps the EU still needs to take:
1. Publish negotiated draft texts.
2. Legal revision and translation into all official EU languages.
3. Propose the agreement to the Council for signature and conclusion.
4. Adoption by the Council.
5. Signing of the agreement between the EU and India.
6. European Parliament's agreement to the deal.
7. The Council's decision on concluding the deal (essentially allowing it to enter into force).
8. Once India also ratifies the Agreement, it can enter into force.
‘Mother of all deals’
Dubbing it as “mother of all deals”, Prime Minister Narendra Modi on Tuesday hailed the India-EU FTA as he met European Commission President Ursula von der Leyen and European Council President Antonio Costa at the Hyderabad House in New Delhi.
“Yesterday a big agreement was signed between the European Union and India. People are calling this the mother of all deals. This agreement will bring major opportunities for the public in India and Europe. This is a perfect example of a partnership between two major economies of the world,” Modi said, adding that the pact represents 25% of global GDP and nearly one-third of global trade
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