Today, the EU and India announced the conclusion of a landmark trade agreement. The EU accounts for 17% of India’s exports and India represents 9% of the EU’s exports. With a population of 1.4 billion inhabitants and GDP growth rates estimated at above 7%, India is an economy of great opportunities.
BusinessEurope President Fredrik Persson said:
“The agreement concluded today will generate new trade and investment opportunities in a market of 2 billion people, accounting for about one-fourth of the global GDP. The Indian market has long been protected by high tariffs that in certain cases are equal to or higher than 100%.
The agreement foresees a gradual reduction of tariffs that should allow European products to reach Indian consumers at more competitive prices. Implementation will be key to unlocking the agreement’s full potential. Considering the size and economic dynamism of the Indian market, we expect more and better business opportunities for European companies.
The agreement is the first step. We hope it encourages deeper economic cooperation and closer alignment in multiple areas including sustainability, supply chain resilience, access to raw materials and security.
After 20 years of intermittent negotiations and at a time when rules-based trade is being attacked by many and protectionism is on the rise, the EU and India are showing how trade can be a solid basis for renewed alliances and closer economic partnerships.”
