One accord, three setbacks India's use of the EU trade pact to boil Turkey, Pakistan, and Bangladesh

The United States has also been affected by India's trade agreement with the European Union. The historic trade deal between India and the EU would not only affect Bangladesh and Pakistan but also the United States and Turkey. The agreement calls for the elimination or reduction of tariffs on more than 90% of EU goods exports to India, including hefty charges of up to 44% on machinery, 22% on chemicals, and 11% on pharmaceuticals, which will be phased down over time.Following nearly two decades of negotiations, officials announced on Tuesday that India and the European Union have achieved a free trade agreement to strengthen economic and strategic ties. Up to 2 billion people might be impacted by the agreement, which the president of the EU's executive body referred to as the "mother of all deals." The accord won't go into force for some months.

The agreement between two of the largest markets in the world comes as Washington imposes high import taxes on both the EU bloc and the Asian behemoth, upsetting long-standing trade patterns and forcing major economies to look for new alliances.

The FTA, which both India and the 27-nation EU refer to as "the mother of all deals," provides a "decisive boost" to the labor-intensive textile industry by improving price competitiveness and expanding market access in one of the most sophisticated consumer markets in the world, according to a note released today by the Indian Textile Ministry.