- ADVERTISEMENT -India and the European Union concluded a long-awaited trade agreement, boosting prospects for Indian exporters while reshaping the competitive landscape for local manufacturers. Local food product firms will get preferential access to the EU market. Meanwhile, India has reduced or eliminated tariffs on 96.6% of items imported from the bloc, including cutting duties for European carmakers. Additionally, tariffs on leather and footwear have been slashed to 0% from 17% earlier, allowing India access to the $100 billion European market. “This timely pact will help Indian exporters salvage lost ground,” especially with exports to the US down by 44%, Bhansali said.