EU and India clinch mega FTA, creating a $27 trillion-ish market (25% global GDP). Announced today at summit. Thoughts on impacts, jobs, prices, geopolitics amid Trump tariffs?
Relative_Selection69 on
I bet a certain president will be drinking tonight; don’t forget to change his diaper!
closesuse on
Rip EU
“EU to launch Legal Gateway Office in India for students and jobseekers”. We already have high unemployment, let’s finish it off with cheap labor.
coinfanking on
The European Union and India announced a vast trade pact on Tuesday that Prime Minister Narendra Modi said would represent about one-third of global trade. EU and Indian leaders hope the pact will shore up their economies against challenges from the US and China.EU and Indian leaders hope the pact will shore up their economies against challenges from the US and China.
European firms will get privileged access to the Indian financial services and maritime transport market, the bloc said.
The agreement will cut or eliminate tariffs on almost 97 percent of European exports, saving up to €4 billion annually in duties, the 27-nation bloc said.
Europe’s key agricultural, automotive and service sectors stand to gain.
Under the agreement, India is expected to ease market access for key European products.
Tariffs on cars will be gradually lowered from a top rate of 110 percent to as low as 10 percent, while duties on wines progressively go down from 150 percent to as low as 20 percent.
Currently at 50 percent, tariffs on processed foods – including pasta and chocolate – will be eliminated, according to the EU.
For India, it would boost sectors including textiles, gems and jewellery, and leather goods, as well as the service sector, Modi said.
Front-Anteater3776 on
Amazing, thank Trump for bringing together the sane world and alienating USA.
Art of the Deal! Make America Great Again 😂 🇮🇳🇪🇺
HelenEk7 on
This is good news. I believe India will be the next China, so a lot of production will be moved there (from China).
17F19DM on
Did they stop supporting russia? What is this? Hope the parliament gets to vote on this.
Imperthus on
People cheering this deal are being wildly delusional. Free trade sounds nice when you say it fast, and ignore who actually pays the price. European industry is already struggling, and this just piles more pressure on workers who are barely holding on.
This will fuck normal Europeans first and hardest. Factory workers, small business owners, and entire regions depend on local industry surviving. Competing with producers that have far lower wages, weaker labor protections, and cheaper energy is not competition, it is slow motion outsourcing.
Meanwhile, the winners are obvious. Multinationals and billionaires get new markets, cheaper labor, and higher margins. They will call it efficiency and growth, while regular people deal with layoffs, lower wages, and disappearing jobs. Wealth goes up, but it flows straight to the top, like always.
People act like trade deals magically benefit everyone, but history says otherwise. We open our markets, cut our own industries at the knees, and then act surprised when inequality explodes even more. Cheering this without questioning who benefits is not being optimistic, it is being naive.
Flipadelphia26 on
Ask Canada how well opening the floodgates with India worked out for them.
bartoszfcb on
Some of you might die, but it’s a sacrifice I’m willing to make to save German car manufacturers
Narrow-Apartment-626 on
Not a good deal for the workers in Europe whatsoever
11 commenti
EU and India clinch mega FTA, creating a $27 trillion-ish market (25% global GDP). Announced today at summit. Thoughts on impacts, jobs, prices, geopolitics amid Trump tariffs?
I bet a certain president will be drinking tonight; don’t forget to change his diaper!
Rip EU
“EU to launch Legal Gateway Office in India for students and jobseekers”. We already have high unemployment, let’s finish it off with cheap labor.
The European Union and India announced a vast trade pact on Tuesday that Prime Minister Narendra Modi said would represent about one-third of global trade. EU and Indian leaders hope the pact will shore up their economies against challenges from the US and China.EU and Indian leaders hope the pact will shore up their economies against challenges from the US and China.
European firms will get privileged access to the Indian financial services and maritime transport market, the bloc said.
The agreement will cut or eliminate tariffs on almost 97 percent of European exports, saving up to €4 billion annually in duties, the 27-nation bloc said.
Europe’s key agricultural, automotive and service sectors stand to gain.
Under the agreement, India is expected to ease market access for key European products.
Tariffs on cars will be gradually lowered from a top rate of 110 percent to as low as 10 percent, while duties on wines progressively go down from 150 percent to as low as 20 percent.
Currently at 50 percent, tariffs on processed foods – including pasta and chocolate – will be eliminated, according to the EU.
For India, it would boost sectors including textiles, gems and jewellery, and leather goods, as well as the service sector, Modi said.
Amazing, thank Trump for bringing together the sane world and alienating USA.
Art of the Deal! Make America Great Again 😂 🇮🇳🇪🇺
This is good news. I believe India will be the next China, so a lot of production will be moved there (from China).
Did they stop supporting russia? What is this? Hope the parliament gets to vote on this.
People cheering this deal are being wildly delusional. Free trade sounds nice when you say it fast, and ignore who actually pays the price. European industry is already struggling, and this just piles more pressure on workers who are barely holding on.
This will fuck normal Europeans first and hardest. Factory workers, small business owners, and entire regions depend on local industry surviving. Competing with producers that have far lower wages, weaker labor protections, and cheaper energy is not competition, it is slow motion outsourcing.
Meanwhile, the winners are obvious. Multinationals and billionaires get new markets, cheaper labor, and higher margins. They will call it efficiency and growth, while regular people deal with layoffs, lower wages, and disappearing jobs. Wealth goes up, but it flows straight to the top, like always.
People act like trade deals magically benefit everyone, but history says otherwise. We open our markets, cut our own industries at the knees, and then act surprised when inequality explodes even more. Cheering this without questioning who benefits is not being optimistic, it is being naive.
Ask Canada how well opening the floodgates with India worked out for them.
Some of you might die, but it’s a sacrifice I’m willing to make to save German car manufacturers
Not a good deal for the workers in Europe whatsoever