The India-EU trade deal is expected to cut around 4 billion euros in tariffs, providing a major boost to businesses on both sides.
New York: India came out on “top” in the trade deal with the European Union and is going to have a heyday with this, US Trade Representative Jamieson Greer said in the first reaction from the Donald Trump administration on the India-EU Free Trade Agreement (FTA).
Greer was responding to a question on the trade agreement, billed as the "mother of all deals”, sealed between India and the EU this week. "I've looked at some of the details of the deal so far. I think India comes out on top on this, frankly. They get more market access into Europe,” Greer said in an interview with Fox Business.
“It sounds like they (India) have some additional immigration rights. I don't know for sure, but President (Ursula) von der Leyen of the EU has talked about mobility for Indian workers into Europe. So I think on the net, India is going to have a heyday with this. They have low-cost labour," Greer added.
The free trade agreement that will account for almost a quarter of the global GDP will reduce tariffs on 99 per cent of Indian exports to the EU and cut duties on over 97 per cent of the EU's exports to India, according to officials.
India-US trade deal talks may conclude this year: Economic Survey
Meanwhile, ongoing negotiations for a trade agreement with the US are expected to conclude during the year, a development that could help reduce uncertainty on the external front, according to India's Economic Survey 2025-26.
Media reports said, quoting government sources, that negotiations on the India-US deal have made significant progress and the deal could be "finalized any day now".
