Tariffs reduced to zero for a many industrial products, including iron and steel, plastics, chemicals and pharmaceuticals

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India and the EU have finalised a landmark free trade agreement, which the European Commission president, Ursula von der Leyen, hailed as the “mother of all deals”.

The agreement comes after almost two decades of on-off negotiations between India and the EU, which vastly accelerated in the past six months and were finally concluded late on Monday night.