India and the European Union have reached a free trade agreement to deepen economic and strategic ties. The deal covers up to 2 billion people and was reached on Tuesday after nearly two decades of negotiations. It will likely take several months before the agreement takes effect. The deal represents 25% of global gross domestic product and a third of global trade. The agreement aims to lower tariffs, ease regulatory barriers and expand cooperation across goods and services. India will reduce tariffs on 96.6% of EU exports while the EU will reciprocate for nearly 99% of Indian shipments. The deal also includes a framework for deeper defense and security cooperation.
European Union chief Ursula von der Leyen has pledged billions of euros in aid for Central European countries that suffered enormous damage to infrastructure and housing during the massive flooding that has claimed 24 lives so far in the region. She visited a flood-damaged area in southeastern Poland on Thursday and met with the government heads of the affected countries — Poland, Austria, the Czech Republic and Slovakia. She said funds will be quickly made available for repairs from the EU's solidarity fund, as well as 10 billion euros — about $11 billion — from what is called the cohesion fund, meant for the most urgent repairs.
