Brief by Shorts91 Newsdesk / 06:48pm on 27 Feb 2026,Friday India Global
India and the European Union have agreed on a five-year Most Favoured Nation status as part of their landmark Free Trade Agreement, confirmed in a draft released Friday. Under the deal, 93% of Indian exports will enter the 27-nation EU bloc duty-free, while EU luxury cars face reduced import tariffs potentially dropping from 110% to 40%, eventually reaching 10%. The agreement unites the world's fourth-largest economy with the second-largest economic bloc, forming a combined market of 2 billion people representing 25% of global GDP. Negotiations began in 2007, paused in 2013 and resumed in June 2022. The deal was formally announced on January 27 following marathon talks with PM Modi. (PC: India Today)
