The newly signed EU-India free trade agreement offers a historic opportunity for European and Greek agri-food products, significantly increasing access to one of the world’s largest and fastest-growing markets.
Under the agreement, India will eliminate or significantly reduce tariffs on 96.6% of EU exports. In return, the EU will gradually liberalize 99.5% of its import tariffs on Indian goods over seven years. European Commission estimates indicate that exporters could save up to €4 billion annually due to lower duties.
The agri-food sector stands to benefit the most, with high-value products such as olive oil and wine gaining access to a growing Indian middle class. Currently, Indian tariffs on EU agri-food products average 36%, and in some categories reach 150%, limiting the EU’s exports, which totaled €1.3 billion in 2024—or just 0.6% of the EU’s agri-food trade.
The agreement will slash wine tariffs from 150% to 20%-30% and alcohol duties to a stable 40%. Beer tariffs will drop from 110% to 50%, while olive oil tariffs, currently at 45%, will be eliminated, opening the door for stronger European exports.
EU Agriculture and Food Commissioner Christoph Hansen stated, “European wines, spirits, beer, olive oil, confectionery, and other products will enjoy preferential access to India’s rapidly expanding market.” He confirmed that sensitive sectors such as beef, chicken, rice, and sugar are exempted to protect European farmers and emphasized that EU food safety standards remain fully enforced.
In Greece, Manolis Giannoulis, president of the Interprofessional Organization of Olive Oil, highlighted that tariff reductions will boost European and Greek olive oil exports, making them more competitive in international markets. He noted that despite India’s limited olive oil consumption culture, the agreement could attract new consumers sensitive to price. Greece currently exports roughly 45,000 tons of olive oil worldwide.
Stelios Boutaris, president of the Greek Wine Association, noted that Greek wine sales in India have been negligible. He expects the agreement and India’s growing middle class to foster a stable, positive trade relationship. Direct flights between the countries are also expected to help increase awareness of Greek agri-food products. He added that tariffs on wine will drop from 150% to 75%, with the potential for further reductions to 20% over time.
Boutaris also revealed that Greek winery “Kir-Yianni” may participate in the ProWine India exhibition in Mumbai, citing the dramatic change in market conditions following tariff reductions.
The EU-India free trade agreement signals a new era for European and Greek food exports, offering access to a key emerging market while protecting domestic agricultural interests.