India EU-FTA will enable more tech sharing, collaboration: Industry

The India-EU free trade agreement FTA will enable more technology sharing, collaboration and create productivity improvements on both sides, according to industry players. Indias strengths in software, analytics, frugal innovation, and manufacturing, when combined with Europes advanced technologies and deep markets, create a mutually beneficial partnership, Vasudevan said.

The India-EU free trade agreement (FTA) will enable more technology sharing, collaboration and create productivity improvements on both sides, according to industry players. For the Indian industry, this should strengthen the outlook for manufacturing and many other labour-intensive sectors, Mukund Vasudevan, MD, SKF India (Industrial) Limited and President - India, Southeast Asia and Middle East, said. ''Beyond tariff reduction, this agreement will enable more technology-sharing and create productivity improvements on both sides,'' he added. India's strengths in software, analytics, frugal innovation, and manufacturing, when combined with Europe's advanced technologies and deep markets, create a mutually beneficial partnership, Vasudevan said. ''The India-EU Free Trade Agreement is a hugely positive development at a time of uncertainty in global trade,'' he noted. Expressing similar views, global agricultural and construction solutions major CNH said the FTA marks a significant advancement for the agricultural machinery industry, presenting a mutually beneficial opportunity for both regions. ''For India, the agreement reinforces the country's position as a global manufacturing and export hub, while enabling deeper technological collaboration with Europe, an important driver for the future of farm mechanisation and industrial growth,'' the company said. Noting that Europe remains one of CNH's largest global markets, the company said the deal ''opens up new opportunities to leverage our strong European portfolio alongside India's manufacturing and engineering capabilities.'' Overall, it said, ''The India-EU FTA is expected to positively impact product access, technology collaboration, and manufacturing scale, reinforcing India's central role in CNH's global strategy and the broader agricultural machinery ecosystem.''

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)