"Free trade for 2 billion people" - Commissioner Maroš Šefčovič: India's market opens to EU companies
The European Union's trade chief, Maroš Šefčovič, said a trade deal with India is "very close" as the bloc aims to cut high tariffs for European companies in one of the world's fastest-growing, but highly protected, markets.
"In some sectors, India has tariffs that go up to 150%. And because of that, large parts of the economy are completely closed to European exporters," Šefčovič said.
"If the agreement is reached, it will create a free trade area covering 2 billion people and will remove Indian customs tariffs on imports from Europe, but not all sectors will be included," Šefčovič said.
"We decided to keep the most sensitive sectors for both of us out of this agreement so we can really focus on the positive outcome."
Around 6,000 European companies currently operate in India. Trade in goods between the EU and India has grown by almost 90% over the past decade, according to Commission figures, with €48.8 billion worth of goods exported in 2024.
"This is the biggest trade deal ever," Šefčovič said.
The agreement would support the EU's broader strategy to diversify trade ties and reduce dependence on the US and China.
He added that the agreement "would help us have insurance against global trade turmoil."
For Brussels, the agreement would also be a signal to other partners, amid concerns that delays in ratifying the Mercosur agreement are weighing on the EU's credibility as a trading power.
The negotiations have been difficult. Indian counterparts are “very tough negotiators,” Šefčovič said, adding: “They had a high tariff, they are a developing country and we wanted to respect their specificity and at the same time, protect the general European interest.”
Sustainability remains a key sticking point, particularly India's opposition to the EU's carbon border tax.
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