This is what’s in the India-EU trade deal — and who stands to gain

India and the European Union have finalized a trade deal that would remove or reduce tariffs on more than 90% of goods traded between the two.

The free trade agreement would see India reduce tariffs on European automobile and agricultural products, while the EU would do the same for Indian textiles, leather, marine products and gems and jewelry.

Many of these Indian exports have been affected by the U.S. imposing 50% tariffs.

“We have created a free trade zone of 2 billion people, with both sides set to gain economically,” said European Commission President Ursula von der Leyen. She added that the deal sends “a signal to the world that rules-based cooperation still delivers great outcomes”.

The “historic” deal comes at a time when New Delhi is facing the brunt of U.S. tariffs and is looking at alternative markets for its exports. The EU’s long-standing trade ties with the U.S., its largest trading partner, have been tested amid President Donald Trump’s push to annex Greenland.