India-EU Free Trade Agreement: A New Dawn for Trade and Investment

The India-European Union Free Trade Agreement, hailed as a strategic breakthrough by Indian industry chambers, is set to deepen trade, investment, and economic cooperation. With preferential access for over 99% of Indian exports, the agreement promises significant growth in key sectors, strengthening global value chains and employment opportunities.

In a landmark development, the Indian industry has lauded the announcement of the India-European Union Free Trade Agreement (FTA), describing it as a 'strategic breakthrough' poised to enhance trade, investment, and employment opportunities across pivotal sectors. The Confederation of Indian Industry (CII) underlined the significant market access afforded to Indian exports as a game-changer.

Chandrajit Banerjee, Director General of CII, emphasized that preferential access for over 99% of Indian exports reflects the agreement's capacity to reinforce India's global trade engagement. He highlighted its potential to improve competitiveness in the EU's high-value market and embed Indian manufacturers deeper into global value chains.

Ranjeet Mehta, CEO of PHDCCI, stated that this agreement marks an economic milestone, opening India's industries to the expansive $23-trillion EU market and particularly benefiting MSMEs. The deal is anticipated to boost employment and manufacturing demand, with surveys forecasting robust hiring in upcoming quarters, enhancing economic cooperation between India and the EU.

With a focus on fostering technology collaborations and increasing EU investments, the agreement aims for sustainable growth and improved competitiveness for Indian enterprises. Anant Goenka, President of FICCI, commended India's government for its strategic advance in securing this deal, which promises to unlock substantial trade and investment opportunities.

Following lengthy negotiations, the FTA conclusion was marked by the exchange of documents between EU Trade Commissioner Maros Sefcovic and India's Commerce Minister Piyush Goyal. The deal signifies a historic milestone for bilateral relations, expected to fortify supply chains and economic ties amidst the broader India-EU Strategic Partnership.