The president of the European Commission, Ursula von der Leyen, stressed that the European Union and India are taking historical steps, deepening cooperation between the world's top democracies.
– We have created a free trade area for 2 billion people, which will bring economical benefits to both parties. We have signaled to the planet that principled cooperation continues to deliver excellent results said the EC President. These words were made during the Tuesday EU-India Summit in Delhi, attended by Prime Minister Narendra Modi.
The European Commission is of the opinion that India will reduce tariffs on EU cars from the current 110 percent to 10%, and the charges on automotive parts are to be full abolished within 5 to 10 years. advanced tariffs for another goods, including 44 percent for machines, 22 percent for chemical products and 11 percent for medicines, will besides be mostly eliminated.
The EC underlines that this will be India's farthest beginning to trade that has always been applied to another partner.
India leaves Russian oil
However, this is not the end of information coming from India. According to the media, the country limits Russian oil purchases while expanding imports of natural material from another directions.
In January, Russian oil sales to India fell to the lowest level in respective years, which means reversing the upward trend seen after Russia's aggression against Ukraine. Data of the Energy and Clean Air investigation Centre (CREA), cited by Times of India, they show that India averaged 1.2 million barrels of Russian oil per day in December, compared to 1.7 million barrels in November.
Africa's producers, especially Angola and Nigeria, are gaining in change, and they are shortly to be joined by Libya, supported by the US and the European Union in expanding its production.
