EU-India trade deal to lower food, drinks tariffs

Core Points - The EU and India have finalized a free-trade agreement (FTA) aimed at reducing or eliminating tariffs on various food and drink products, marking a significant milestone in trade relations [1][2] - The agreement is described as the most ambitious trade opening India has ever granted to a partner, with negotiations that began nearly 20 years ago and were paused in 2013 before resuming in 2022 [1][2] Trade Benefits - Tariffs on Indian imports of EU wine will decrease from 150% to between 20% and 30%, depending on the product range, while EU spirits will face a reduced tariff of 40% from a previous high of 150% [3] - EU beer tariffs will be cut from 110% to 50%, and a 55% tariff on fruit juices and non-alcoholic beers will be eliminated [3] Economic Impact - The deal is expected to unlock long-term growth, create new jobs across the value chain, and provide Indian consumers with greater choices, enhancing market diversification and boosting revenues [5] - The agreement is anticipated to strengthen cooperation between the EU and India in manufacturing and services sectors, benefiting both economies [2][5] Additional Negotiations - Ongoing discussions are in place for a separate deal concerning Geographic Indications (GIs), and a working group for the spirits and wine sectors will facilitate information exchange and cooperation [4]