From automobiles and industrial equipment to confectionery and gourmet foods, Indian consumers are set to experience massive benefits from lower prices on more than 32 products following the conclusion of the India–European Union Free Trade Agreement (FTA). On Tuesday, Prime Minister Narendra Modi announced that India and the EU have successfully wrapped up negotiations on the long-pending pact.
Additionally, an EU briefing note highlights that steep import duties, reaching as high as 44 per cent on machinery, 22 per cent on chemicals, and 11 per cent on pharmaceutical products, will largely be phased out under the agreement.
What becomes more affordable? See the complete list
The products expected to see price reductions span a wide range, including machinery and electrical goods, as well as food and beverage items such as wine, beer, olive oil, sausages, and other processed meat products. Here is a full list of products issued by the EU.
Industrial Products – EU Exports
| Product | 2024 Exports (EUR) | Current Tariffs | Future Tariffs |
| Machinery and electrical equipment | €16.3 billion | up to 44% | 0% for almost all products |
| Aircraft and spacecraft | €6.4 billion | up to 11% | 0% for almost all products |
| Optical, medical and surgical equipment | €3.4 billion | up to 27.5% | 0% for 90% of products |
| Chemicals | €3.2 billion | up to 22% | 0% for almost all products |
| Plastics | €2.2 billion | up to 16.5% | 0% for almost all products |
| Pearls, precious stones and metals | €2.1 billion | up to 22.5% | 0% for 20% of products; tariff reductions for 36% |
| Motor vehicles | €1.6 billion | 110% | 10% (quota of 250,000 vehicles) |
| Iron and Steel | €1.5 billion | Up to 22% | 0% for almost all products |
| Pharmaceuticals | €1.1 billion | 11% | 0% for almost all products |
Agri-Food Products
| Product | Current Tariffs | Future Tariffs |
| Wine | 150% | 20% (premium range); 30% (medium range) |
| Spirits | Up to 150% | 40% |
| Beer | 110% | 50% |
| Olive oil, margarine & other vegetable oils | Up to 45% | 0% |
| Kiwis and pears | 33% | 10% (in-quota) |
| Fruit juices & non-alcoholic beer | Up to 55% | 0% |
| Processed food (bread, pastries, biscuits, pasta, chocolate, pet food) | Up to 50% | 0% |
| Sheep Meat | 33% | 0% |
| Sausages & other meat preparations | Up to 110% | 50% |
