Jan 27, 2026
Following the completion of the free trade agreement between India and the EU, Secretary of the Treasury Scott Bessent made fun of the EU, claiming that the Europeans are "financing the war" against themselves. It should be noted that although India and the EU have declared the agreement to be "finalized," they have not yet signed it.
During a conversation with
ABC NewsBessent stated on Sunday that the US has made "much bigger sacrifices" than the Europeans, pointing out that it even levied an extra 25% tariff on India for using Russian crude. He even mentioned that President Donald has been engaged in talks to end the conflict between Russia and Ukraine, which has lasted for almost four years.
"We have imposed a 25% tariff on India's purchases of Russian oil. The US Treasury Secretary said, "Guess what happened last week?" "A trade agreement was signed by Europeans and India. They—and to be clear once more, India receives Russian oil. When the refined goods are released, Europeans purchase them. They are funding the conflict with themselves.
The EU and India have concluded their FTA negotiations.India and the EU started negotiating a free trade agreement (FTA) in 2007, but they were put on hold in 2013. Commerce Secretary Rajesh Agrawal stated on Monday that talks between the two parties have been successfully concluded since they were restarted in 2022. The FTA will probably be signed this year and go into force the following year.
The development is noteworthy because it occurs during Ursula von der Leyen's three-day visit to India, where she also witnessed the celebration of the 77th Republic Day. She also advocated for a "successful" India earlier in the day, claiming that it would contribute to a more "stable," "prosperous," and "secure" world.
Currently, the EU levies 3.8% tariffs on Indian goods. Despite this, labor-intensive industries are subject to a 10% import duty. India levies a weighted average duty of roughly 9.3% on EU goods, with particularly high duties on automobiles, parts (35.5%), plastics (10.4%), and chemicals and pharmaceuticals (9.9%). Over 90% of the goods traded between two parties in an FTA have import duties reduced or eliminated.
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