EU-India Free Trade Agreement Tariff Breakthrough: How the EU–India Pact Reshapes Chemicals and Pharma Trade

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The EU-India free trade agreement is expected to double EU goods exports to India by 2032. With a specific focus on the chemicals and pharmaceuticals industries, the trade deal highlights that India will eliminate current tariffs of up to 22 % on EU chemicals and 11 % on EU pharmaceuticals while the EU will also cut tariffs to zero on Indian chemical exports as well as offer Indian pharmaceutical and medical devices companies’ preferential access to the EU market. In this scenario, what do industry leaders in the chemical and pharma space have to say about the EU-India free trade deal? Read on to find out…

“We have delivered the mother of all deals,” said President of the European Commission Ursula von der Leyen after concluding a landmark Free Trade Agreement between Europe and India earlier this year. The signing of this deal has led to the creation of one of the world’s largest free trade zones which aims to connect 2 billion people.

With around 6,000 European companies operating in India and an annual trade of 180 billion euros between the EU and India at present, the trade deal intends to double EU goods exports to India by 2032. According to a press release by the European Commission, “This deal is expected to double EU goods exports to India by 2032 by eliminating or reducing tariffs in value of 96.6 % of EU goods exports to India. Overall, the tariff reductions will save around 4 billion euros per year in duties on European products.”