India, one of the largest economies in the world, has signed a historic free trade agreement with the European Union of 27 big and small countries. In the European Union, Germany, France and Italy are the major countries of the Union who always used to dominate in the European Union's decisions. This historic deal is seen as to counter the current tariff war of the world. For the past year, the role of the United States of America has become constructive to destructive. It is playing such a war which is disturbing the global trade of the world. This free trade between India and Europe is seen as a new hope in global trade. That's why the head of the European Commission Ursula Van Der Leyen called it the Mother of All Deals and the head of the European Commission Antonio Da Costa called it the Historical Free trade agreement of the world. The deal is done on 99.5% points prepared in the draft. India's service sector, textile sector and all the labour intensive sectors will get a huge boost in the upcoming years. While the beverages sector , automobile sector and business sector of the Union will get a boost after this trade. In the meeting for the trade, a mobility pact, security and defence pact, disaster pact was also signed between both the nations. The tariff for all products has been minimized or reduced to zero. The automobile sector of Europe has set a target to sell 2500000 automobiles per year to India with a tariff of 10% to 0% (previously it was about 150%). It is expected that due to the mobility pact, the labour intensive industry of Bharat will get a profit of 35 billion Euros per year. In her statement, Ursula has said that Europe will open its research and training facilities for India under its HORIZON EUROPE programme. Horizon Europe is one of the best research centres of the world where top 100000 peoples of the world used to do quality research on the projects like cleaning, sanitation etc. Europe has also promised India that it will open a help centre for Indian labourers. This deal was started in 2003 and has been finalised in 2026. This deal will definitely increase the prosperity, strength, intellectuals, and competence among both the countries. In this deal, India has not included agriculture and dairy products. Also, there was no discussion on the carbon tax imposed by Europe. India's textile sector was in a very huge crisis for the last few decades because of Bangladesh (It is included in the Least Developed nation, so its product reaches Europe and other nations with 0%tariff duty).
This deal will definitely inject the
foreign currency in the form of remittances, investment in our economy. This deal will come into force after 4 to 6
months with all paperwork completed. Let's see how this deal will represent
India in global mirror.
Team Yuva Aaveg-
Shashwat
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