A free trade agreement has been signed between the European Union (EU) and India in New Delhi, APA reports, citing the European Commission.
President of the European Council António Costa and President of the European Commission Ursula von der Leyen visited New Delhi and met with Indian Prime Minister Narendra Modi.
As part of the visit, the EU and India reached an agreement on a free trade deal after 20 years of negotiations.
Ursula von der Leyen said that both sides would benefit from this agreement.
Indian Prime Minister Narendra Modi described the deal as “the biggest trade agreement in history.”
Under the agreement, India will abolish customs duties on fruit juices, processed food products, olive oil, margarine, and other vegetable oils imported from Europe. As a result, a large market will open for EU agricultural exports. In addition, tariffs of up to 150% on European spirits will be reduced to 40%.
The European Union, in turn, has committed to environmental cooperation and will allocate 500 million euros to support India in reducing greenhouse gas emissions and transforming its industry.
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