India, Jan. 27 -- A giant trade deal or free trade agreement (FTA) slashes tariffs on almost 97 per cent of European exports to India, potentially making a range of products such across sectors such as agriculture and automobiles cheaper for Indians going forward.

Tariffs on 96.6 per cent of European Union goods exports will be eliminated or reduced under the India-EU trade agreement, signing of which was first announced by Prime Minister Narendra Modi on Tuesday. Track India-EU trade deal live updates

This will result on saving of up to €4 billion per year in duties on European products.

The trade agreement - "largest that both the EU and India have ever concluded" - will see tariffs on EU exports, including chocolates, wines an...