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INdia-EU merchandise sell unrecorded: republic of india and the European unification on Tuesday confirmed that they had signed a historic trade pact. In a press release, the EU later said that it would save €4 billion every year in duties as India has agreed to cut down, and in some cases eliminate, tariffs on nearly 97% goods imported from Europe. Earlier today, Prime Minister Narendra Modi lauded the ‘mother of all deals’ and said that it was a “perfect” example of partnership between two major economies on the global stage. He later held restricted and delegation-level discussions with European Commission President Ursula von der Leyen and European Council president Antonio Costa on the sidelines of the 16th India-European Union Summit today.Commerce secretary Rajesh Agrawal had earlier said that India and the EU have successfully concluded negotiations and are set to announce the Free Trade Agreement (FTA) on Tuesday, January 27.Top developments to know:PM Modi says deal to boost manufacturing: After he confirmed that India and the EU have signed a trade pact, PM Modi said that the move would come as a big boost to manufacturing and the services sector. He also said that the deal represented “25 per cent of the global GDP and 1/3rd of global trade”.What EU chief said on R-Day: European Commission President Ursula von der Leyen, who was one of the chief guests at the grand Republic Day parade in Delhi on January 26, had shared a clip from the ceremony on X, with the caption: “A successful India makes the world more stable, prosperous and secure. And we all benefit”.When will the deal take effect? While India and the EU have finalised negotiations and signed the agreement, but the trade deal will take effect sometime next year, the commerce secretary earlier said. "Legal scrubbing of the text will take 5-6 months; formal signing will be done post that,” Agrawal was quoted as saying.Trump aide's reaction to trade deal: India and the EU finalised the trade deal despite negotiations on trade between India and the US still underway. US treasury secretary Scott Bessent fumed over the development in a news interview on Sunday. He said that European countries are financing a war “against themselves” by purchasing refined Russian oil products from India.

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India-EU trade deal LIVE: 'We did it', Europe's Ursula von der Leyen tells PM Modi on India-EU trade deal

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