New Delhi, Jan. 27 -- India's landmark free trade deal with the European Union, finalised on Tuesday, includes significant tariff cuts on exports of pharmaceutical products as well as optical, medical and surgical equipment from Europe to India.

Tariffs on pharmaceutical exports from Europe to India will drop to zero from 11% for almost all products. This will improve access for Indian patients to novel drugs from Europe and reduce input costs for specialized raw material imported from Europe, industry executives said.

Europe's pharma exports to India amounted to €1.1 billion in 2024, according to a fact sheet released by the European Commission.

"The expected removal of EU tariffs of up to 11% on pharmaceuticals will enhance tra...