Prime Minister Narendra Modi on Monday, Republic Day, hailed European Commission President Ursula von der Leyen and European Council President António Costa's visit to India, and asserted that “their presence underscores the growing strength of the India-European Union partnership and our commitment to shared values”.
“India is privileged to host European Council President António Costa and European Commission President Ursula von der Leyen during our Republic Day celebrations. Their presence underscores the growing strength of the India-European Union partnership and our commitment to shared values. The visit will add momentum to the deepening engagement and cooperation between India and Europe across diverse sectors,” PM Modi posted on X.
Von der Leyen and Costa would be in India till 27 January.
The two leaders will co-chair the 16th India-EU summit. On 27 January, they will co-chair the 16th India-EU Summit with Prime Minister Narendra Modi.
The summit will focus on the long-awaited India-EU Free Trade Agreement (FTA). Both leaders will also meet President Droupadi Murmu.
India-EU FTA
– Import duty cuts on labour-intensive sectors such as textiles and footwear, as well as cars and wines, are expected to be included in the free trade agreement (FTA) between India and the 27-nation bloc European Union (EU), reported PTI, citing people aware of the development.
– The deal is reportedly set to be announced on 27 January.
– The agreement is also likely to liberalise regulations across various service sectors.
What are the current tariffs?
Tariffs on Indian goods entering the EU average about 3.8%, though labour-intensive products face much higher import duties of around 10%.
India’s weighted average tariff on EU goods stands at roughly 9.3%, with particularly steep duties on automobiles and auto parts (35.5% each), plastics (10.4%), and chemicals and pharmaceuticals (9.9%).
