The Fort Worth Press - What we know about the EU-India trade deal

USD -
AED 3.6725
AFN 66.000063
ALL 82.019444
AMD 379.030024
ANG 1.79008
AOA 917.000222
ARS 1452.1415
AUD 1.436864
AWG 1.8
AZN 1.699581
BAM 1.650151
BBD 2.016242
BDT 122.43245
BGN 1.67937
BHD 0.377035
BIF 2964.5
BMD 1
BND 1.271584
BOB 6.942435
BRL 5.261799
BSD 1.001076
BTN 91.544186
BWP 13.176113
BYN 2.86646
BYR 19600
BZD 2.013297
CAD 1.36714
CDF 2154.999935
CHF 0.778795
CLF 0.021919
CLP 865.500352
CNY 6.946501
CNH 6.938895
COP 3622.05
CRC 496.70313
CUC 1
CUP 26.5
CVE 93.874975
CZK 20.59725
DJF 177.719709
DKK 6.327105
DOP 62.950149
DZD 129.934449
EGP 47.089896
ERN 15
ETB 155.250273
EUR 0.84721
FJD 2.206598
FKP 0.729754
GBP 0.731315
GEL 2.694994
GGP 0.729754
GHS 10.954985
GIP 0.729754
GMD 73.55548
GNF 8751.000245
GTQ 7.681242
GYD 209.445862
HKD 7.810703
HNL 26.449908
HRK 6.386897
HTG 131.200378
HUF 322.735497
IDR 16766.2
ILS 3.10084
IMP 0.729754
INR 90.46795
IQD 1310.5
IRR 42125.000158
ISK 123.039932
JEP 0.729754
JMD 157.178897
JOD 0.709014
JPY 155.4575
KES 129.13006
KGS 87.449831
KHR 4025.492445
KMF 418.000086
KPW 900
KRW 1450.029709
KWD 0.30714
KYD 0.834223
KZT 505.528533
LAK 21494.999879
LBP 85549.999924
LKR 310.004134
LRD 185.999884
LSL 16.110186
LTL 2.95274
LVL 0.60489
LYD 6.320108
MAD 9.15875
MDL 16.948552
MGA 4450.000276
MKD 52.248327
MMK 2099.986463
MNT 3564.625242
MOP 8.053239
MRU 39.929374
MUR 45.650252
MVR 15.450036
MWK 1737.000377
MXN 17.388398
MYR 3.958498
MZN 63.749877
NAD 16.109867
NGN 1391.000271
NIO 36.697378
NOK 9.69397
NPR 146.471315
NZD 1.662775
OMR 0.38451
PAB 1.00108
PEN 3.365975
PGK 4.237972
PHP 58.919935
PKR 279.749793
PLN 3.57693
PYG 6656.120146
QAR 3.64125
RON 4.317897
RSD 99.493038
RUB 76.448038
RWF 1453
SAR 3.750185
SBD 8.058101
SCR 14.250149
SDG 601.501494
SEK 8.95644
SGD 1.271315
SHP 0.750259
SLE 24.474994
SLL 20969.499267
SOS 571.503458
SRD 38.025022
STD 20697.981008
STN 21.25
SVC 8.759629
SYP 11059.574895
SZL 16.109942
THB 31.490262
TJS 9.349825
TMT 3.51
TND 2.847497
TOP 2.40776
TRY 43.480099
TTD 6.777673
TWD 31.591702
TZS 2588.490529
UAH 43.112529
UGX 3575.692379
UYU 38.836508
UZS 12249.999719
VES 369.791581
VND 26020
VUV 119.156711
WST 2.710781
XAF 553.468475
XAG 0.012114
XAU 0.000209
XCD 2.70255
XCG 1.80413
XDR 0.687215
XOF 551.505966
XPF 101.749394
YER 238.374969
ZAR 16.066915
ZMK 9001.197925
ZMW 19.646044
ZWL 321.999592
  • SCS

    0.0200

    16.14

    +0.12%

  • CMSD

    0.0300

    24.08

    +0.12%

  • BCC

    0.9400

    81.75

    +1.15%

  • NGG

    -0.6600

    84.61

    -0.78%

  • CMSC

    -0.0100

    23.75

    -0.04%

  • BTI

    0.3100

    60.99

    +0.51%

  • GSK

    0.8700

    52.47

    +1.66%

  • JRI

    0.0700

    13.15

    +0.53%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • AZN

    1.3100

    188.41

    +0.7%

  • BCE

    -0.0300

    25.83

    -0.12%

  • RIO

    1.4900

    92.52

    +1.61%

  • BP

    -0.1800

    37.7

    -0.48%

  • VOD

    0.2600

    14.91

    +1.74%

  • RYCEF

    0.7000

    16.7

    +4.19%

  • RELX

    -0.2700

    35.53

    -0.76%

What we know about the EU-India trade deal

What we know about the EU-India trade deal

The European Union and India announced Tuesday that they had struck a "historic" trade deal that Brussels hopes will see exports double to the Asian powerhouse.

Text size:

They had spent two decades negotiating but the return of US President Donald Trump and his hefty tariffs accelerated the push on both sides to seal a deal.

Here is what Brussels and New Delhi agreed in what India's Prime Minister Narendra Modi called the "mother of all deals":

- What benefits for the EU? -

Indian tariffs on more than 90 percent of EU goods will be removed or cut.

For example, India will progressively reduce levies to between 20 and 30 percent on European wines, down from 150 percent before the agreement.

Beer tariffs will drop to 50 percent from 110 percent, while spirits will see future levies of 40 percent, down from up to 150 percent.

India will also remove tariffs on EU olive oil -- a major export from Spain, Italy and Greece -- fruit juice, non-alcoholic beer and processed food including bread, pasta, chocolate and pet food.

In a welcome move for one of the bloc's biggest sectors and especially Germany, tariffs on cars will be gradually lowered from a top rate of 110 percent to as low as 10 percent -- with a quota of 250,000 vehicles.

And India will eliminate tariffs on aircraft -- a potential boon for pan-European aerospace group Airbus -- as well as cutting levies to zero on most machinery, medical equipment, chemicals and pharmaceutical products.

- How does India benefit? -

According to Brussels, the EU's imports from India comprise mainly machinery and appliances, chemicals, base metals, mineral products and textiles.

India said the EU would immediately eliminate duties on products making up the majority of its exports including textiles, leather and footwear, tea, coffee, spices, sports goods, toys, gems and jewellery, and certain marine products.

And the EU agreed to phase out tariffs for processed food items as well as arms and ammunition, among other goods.

Steel was a thorny issue in negotiations since India is a major exporter. Brussels says the steel makes up seven percent of total Indian exports to the EU.

Under the deal, India will benefit from a duty-free quota of 1.6 million tonnes, and New Delhi will relinquish its retaliation rights under the World Trade Organization, a senior EU official said.

Another sticking point for India was the EU's carbon border tax, which aims to ensure foreign producers pay a carbon cost similar to what European companies already pay under the bloc's internal emissions trading system.

Under the deal, the EU agreed to launch a technical dialogue on the tax if needed, and vowed not to treat any other EU partner better than India.

The EU has also promised to make it easier for skilled Indian workers to work in the 27-country bloc, agreeing to a memorandum of understanding on mobility covering issues related to seasonal workers, researchers and students, the EU official said.

- What doesn't the deal include? -

Sensitive agricultural products are excluded from the new deal.

The senior EU official said there were no concessions for sugar, ethanol, rice, soft wheat, beef, chicken meat, milk powders, bananas, honey or garlic.

He also said that unlike deals the EU has struck with other partners, there were no chapters on government procurement, on energy and raw materials, or on the liberalisation of investment in manufacturing sectors.

India also opposed any chapter on "sustainable development where we focus on social rights and also environmental issues", the official added.

The two partners are discussing a separate agreement on Geographical Indications, the intellectual property rights that link a product's qualities, reputation or features to its place of origin.

This "will help traditional EU farming products sell more in India, by removing unfair competition in the form of imitations", the EU executive said.

India said the deal safeguarded sensitive sectors including dairy, cereals, poultry, soybean meal and certain fruits and vegetables.

H.M.Hernandez--TFWP