India-EU edge closer to mega trade pact amid tariff turbulence
India and the EU are closing in on a long-awaited free trade agreement, described by leaders as the 'mother of all deals,' with a potential announcement at the Republic Day summit. The pact would be India’s ninth FTA in four years, restore EU GSP benefits, and cut tariffs on key exports like garments and pharmaceuticals, while safeguarding sensitive sectors such as agriculture. It seeks to diversify trade away from US tariff volatility and reduce dependence on China, but remains contentious on issues like IP protection and the EU’s Carbon Border Adjustment Mechanism (CBAM).