India and the European Union have successfully concluded the Free Trade Agreement after an eighteen-year hiatus, where the two countries have agreed on wide-ranging tariff cuts and eliminations under, a move the EU says will sharply boost exports to the Indian market and deepen economic ties under a turbulent global trade order.According to the European Union, the agreement will remove or reduce duties on over 90% of EU goods exported to India. The deal is expected to double EU exports to India by 2032 and also includes climate support funding to back India’s emissions-cutting efforts.EU exports to India already support around 800,000 European jobs, and the deal is expected to create many more.The pact also includes €500 million in EU support over the next two years to help India cut greenhouse gas emissions and accelerate the green transition.The pact covers major sectors such as alcohol, food products, chemicals, machinery, pharmaceuticals and aerospace.Key announcements from the EUEU exporters to save up to €4 billion a year in dutiesBiggest trade opening India has ever given to any partnerSimplified customs procedures to make exports faster and cheaperBeer tariffs to be cut to 50%Spirits tariffs to be cut to 40%Wine tariffs to be reduced to 20–30%Motor vehicle tariffs will be slashed from 110% to 10% under a quota of 250,000 vehicles a yearThe EU and India are currently negotiating a separate agreement on Geographical Indications (GIs)Tariffs on olive oil, margarine and vegetable oils to be eliminatedTariffs on fruit juices and processed food to be eliminatedTariffs on almost all EU chemical products to be eliminatedDuties of up to 44% on machinery to be mostly eliminatedDuties of up to 22% on chemicals to be mostly eliminatedDuties of up to 11% on pharmaceuticals to be mostly eliminatedTariffs on aircraft and spacecraft to be eliminated for almost all productsOver 90% of EU goods exports to India will see tariffs eliminated or reduced€500 million in EU support over the next two years envisaged to help India cut greenhouse gas emissionsStrong protection for EU trademarks, designs, copyrights and trade secretsDigital trade chapter to ensure secure, fair and predictable online commercePrivileged access for EU service providers in financial and maritime servicesEnhanced access expected to open new business and job opportunitiesDedicated SME chapterSME contact points to help firms trade and invest more easilyMore transparency, fewer regulatory barriers       ........Read more at:https://economictimes.indiatimes.com/news/economy/foreign-trade/india-eu-fta-details-mother-of-trade-deals-eliminates-aircraft-tariffs-cuts-duties-on-alcohol-food-chemicals/articleshow/127604286.cms (ICE MUMBAI)

Fonte notizia: The Economic Times