India’s Catbird Seat China is a state-run economy with formidable output, utilizing abundant, lower-cost labor. India is a democracy with a massive low-cost labor pool and countless restrictions on imports. The EU and now the U.S. have completed very different trade agreements with India, partially as a hedge against China.  Water on Whisky: EU negotiators pushed the envelope with the Mercosur agreement, leaving no appetite at home for a trade deal with India. Neither Brussels nor New Delhi cared to sacrifice any sensitive agricultural areas. India starts with some of the world’s highest bound tariffs, many well above the rate needed to provide protection. Two of Europe’s favored agricultural export products are dairy...