The deal will affect a combined population of 2 billion people across economies representing about a quarter of global GDP.

The deal will affect a combined population of 2 billion people across economies representing about a quarter of global GDP. Both the EU and India want to avoid becoming dumping grounds for products that would normally go to the American market. The EU maintains tariffs on beef, chicken, dairy, rice and sugar. Consumers in Delhi might enjoy cheaper European cars, while Europe’s farmers are protected from competition. The EU also finalised negotiations with Indonesia in September. Australia already has the Australia-India Economic Cooperation and Trade Agreement, which came into force in late 2022. The EU deal suggests India is willing to engage seriously on tariff liberalisation.