00:00We did it. We delivered the mother of all deals.
00:05The so-called mother of all trade deals is finally done. After nearly
00:10two decades of on-again, off-again talks, the European Union and India have finally
00:15sealed a trade agreement, which will be India's largest ever yet.
00:19Yes, this is the
00:20deal with cars, wine, pasta and all things nice. But zoom out and you will see.
00:25The bigger picture.
00:26This agreement comes at a time of fractured supply chains, pricing
00:30protectionism and increasing geopolitical stress as Trump's tariff threats upend.
00:35The global order. It locks in deeper ties between two large economic powers.
00:40to create a free trade zone of two billion people. And it does so on terms which
00:45were thought impossible for India earlier. At its core, the deal price opened India's heavily
00:50protected market. Tariffs that long kept European cars, spirits and processed foods
00:55out are set to fall, some dramatically. In return, the European Union
01:00has offered India broad access to its own market, keeping its sensitive sectors.
01:05protected. The real breakthrough here is Autos, which has long been the deal breaker.
01:10Europe has secured preferential access for up to 250,000 cars.
01:15in the world's third largest automotive market, while India has avoided a sudden
01:20flood.
01:20Europe's import quotas every year also include electric vehicles.
01:25Steel and agriculture, two other red lines have been dealt with, with review clauses
01:30and other guardrails. Overall, while this is not a perfect trade textbook, it
01:35is pragmatic, calibrated and politically realistic. And after 20 years
01:40of deadlock, that alone makes it historic.
01:45U.S. in the world's second standard, the military member,
02:01the class of Europe has given its own market. And the physical of the European Union
02:04has been struggling with a lot of other companies. So it hasn't been there,
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