EU and India conclude "greatest trade deal of all time"

The European Union and India have agreed on a free trade agreement after almost 20 years of negotiations.

As reported by BAKU.WS with reference to RBC, the EU delegation headed by European Commission President Ursula von der Leyen arrived in New Delhi and met with Indian Prime Minister Narendra Modi as part of a bilateral summit.

"We have created a free trade zone with a population of two billion people, and both sides will benefit," von der Leyen noted.

She called the agreement "the major trade deal of all time," as Modi also characterized it.

According to the agreements reached, India will eliminate duties on European fruit juices, processed food products, olive oil, margarine, and other vegetable oils, opening its huge market for agricultural exports from the EU, notes The Times of India. In addition, duties on European spirits, which currently reach 150%, will be reduced to 40%.

In total, 96.6% of goods exported from the European Union will receive tariff benefits, the publication indicates.

The EU has committed to environmental cooperation and will allocate 500 million euros to India to help reduce greenhouse gas emissions and for "industrial transformation".