BENGALURU, Jan. 27 -- From specialty dairy and cocoa derivatives to gourmet cheese, olive oil and condiments, India's free trade agreement with the European Union announced on Tuesday is expected to make high-quality ingredients more accessible to domestic manufacturers that have historically faced high import costs, industry executives told Mint.

"Specialized ingredients like olive oil, condiments like balsamic vinegar and mustard, dried fruits and tomatoes are certainly going to become cheaper. It will enable better ingredient access and global quality benchmarking," said Chirag Kenia, founder and managing partner of gourmet food brand Urban Platter.

Lower duties may also open the doors to exclusive partnerships and curated internatio...