THE DIPLOMATE INDIA

 India discuss counter terror with Saudi Arabia.

Indian and Saudi Arabia vowed to boost counter terror cooperation and condemned terrorism in all its forms including cross-border terrorist activities.

Counter-terrorism strategies were high on the agenda during the India-Saudi Arabia Security Working Group meeting in Riyadh.

Both sides reiterated their condemnation of terrorism in all its forms and manifestations, including cross-border terrorism, and the dastardly terrorist attack on innocent civilians in Pahalgam and the terror incident near Red Fort in November, the Ministry of External Affairs (MEA) said.

 The Mother Of All Deals

Under this agreement, tariffs on 96.6% of EU goods exported to India will be eliminated or reduced. This will reportedly mean savings of approximately €4 billion (about A$6.8 billion) annually in customs duties on European products.

The reduced tariffs will apply to an annual quota of 250,000 vehicles, which is six times larger than the quota the UK received in its deal with India.

India will almost entirely eliminate tariffs on machinery (which previously faced rates up to 44%), chemicals (22%) and pharmaceuticals (11%).

Australia has eliminated tariffs on all Indian exports, while India has removed duties on 90% of Australian goods by value, rising from an original commitment of 85%.

Wine is particularly notable – tariffs are being slashed from 150% to between 20–30% for medium and premium varieties. Spirits face cuts from 150% to 40%.

In return, the EU is also opening up its market. It will reduce tariffs on 99.5% of goods imported from India. EU tariffs on Indian marine products (such as shrimp), leather goods, textiles, handicrafts, gems and jewellery, plastics and toys will be eliminated.

These are labour-intensive sectors where India has genuine competitive advantage. Indian exporters in marine products, textiles and gems have faced tough conditions in recent years, partly due to US tariff pressures. That makes this EU access particularly valuable.