India, EU slash tariffs on autos, spirits, textiles in landmark trade deal

European Council President Antonio Costa, European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi pose during a photo opportunity ahead of their meeting at the Hyderabad House in New Delhi, India, January 27, 2026. REUTERS/Altaf Hussain

NEW DELHI, ‌Jan 27 (Reuters) - India and the European Union have finalised a long-pending landmark trade deal, both sides said on Tuesday, as they ‌seek to hedge against fickle ties with the U.S.

The deal is expected to double EU exports to India by 2032 ‌by eliminating or reducing tariffs in 96.6% of traded goods by value, and will lead to savings of 4 billion euros ($4.75 billion) in duties for European companies, the EU said.