EU deal: What is in store for India?

India and European Union (EU) concluded their free trade agreement (FTA), which is termed as “mother of all deals.” Here is a look at what are the benefits for various sectors in India. The deal would help scaling Indian industries to USD 20 trillion European market.

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For textile sector:

Zero duty applicable from day one for textiles, apparel and clothing

FTA unlocks access to the USD 263.5 billion EU textile market

 For agriculture and Food:

Preferential access for Grapes, Tea, Coffee, Spices, Gherkins, Ghee, Cucumbers, Sweetcorn, Dried Onions etc.

The SAFEGUARD

Strategic protections kept for Poultry, Dairy & Cereal to support local farmers.

 Engineering and Manufacturing:

Direct entry into a USD 2 Trillion industrial market; Preferential Access for Indian Engineering Goods.

Fueling India’s USD 300 Billion export target by 2030.

Leather and Footwear

Tariffs slashed from 17 per cent to 0 per cent

Tapping into the USD100 Billion EU leather & footwear segment.

Pharmaceuticals and Med-tech:

Opens up a USD 572 Billion EU market for India

Gems and Jewellery sector:

100 per cent duty-free access

Shimmering opportunities in a USD 79 Billion premium market.

Marine and Seafood:

Full preferential access across the export basket in a USD 53.6 Billion EU market.

Major boosts for shrimp, frozen fish, and value-added seafood products.

 Chemicals and Petrochemicals:

Duty free entry on 97.5 per cent of export; major opportunity to unlock potential in USD 500 Billion EU Market.

Gains across inorganic & organic chemicals, fertilisers, pharmaceuticals, cosmetics, soaps & detergents

Also read this: https://industrialeconomist.com/a-look-at-india-eu-free-trade-agreement/

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