India and the 27-nation bloc on Tuesday announced the conclusion of negotiations for the pact, which has been described as ‘mother of all deals’. It is expected to be signed and implemented this year.
President of the Berlin Chamber of Commerce (IHK Berlin), Sebastian Stiezel said that the deal is an important step towards opening up in an increasingly tense global situation.
India is no longer a future market, but a market of the present, in which Berlin should now seize the opportunities, he said.
Swedish business organisations such as Svenskt Naringsliv and Foretagarna have described it as a major opportunity, citing reduced tariffs and better market access.
Croatian Employers’ Association (HUP) and BusinessEurope have called the FTA as one of the EU’s most important trade moves amid global protectionism.
Chambers Ireland described it as a historic agreement that enhances market access and diversification for Irish exporters, particularly machinery and agri-food sectors.Besides businesses, global policy experts and think tanks have termed the agreement as substantively strong and strategically well-timed.
Richard Rossow, Senior Advisor at the Center for Strategic and International Studies (CSIS), said the deal brings together a quarter of the world’s population and a massive share of global trade, adding that the positive optics reflect strong substance.
International Institute for Strategic Studies (IISS) said that India’s recent focus on pursuing trade agreements with several partners – signifies a move towards a more open economy and will boost India’s chances of achieving its longer-term development goals.
Michael Kugelman, Senior Fellow at the Atlantic Council, called the India-EU FTA the “right deal at the right time” adding that it goes beyond cushioning US tariffs and instead consolidates a broader, fast-growing strategic partnership.
The European Council on Foreign Relations called the EU-India FTA as one of the largest trade agreements concluded in recent years, covering goods, services, investment, digital trade and regulatory cooperation.