New Delhi, Jan 28 (KNN) – The Federation of Indian Export Organisations (FIEO) has expressed strong support for Prime Minister Narendra Modi after the India-European Union Free Trade Agreement (India-EU FTA) was finalized.
According to S.C. Ralhan, the FIEO President, this agreement is a significant step in India’s international economic strategy. He emphasized that it reflects the government’s dedication to enhancing trade, driving economic reforms, and fostering global connections.
Ralhan pointed out that the FTA comes after extensive negotiations, showing a shared goal for a modern and fair economic partnership. With tariff reductions of up to 10% on nearly $33 billion of Indian exports, several industries—like textiles, leather, engineering, and handicrafts—are expected to thrive. This deal is likely to boost exports, create jobs, and enhance India’s role in global trade.
The agreement aims to empower sectors that the government focuses on, including women entrepreneurs and small businesses. It covers goods, services, regulations, and digital trade, making it easier for Indian businesses to access European markets.
Indian consumers will also benefit from increased competition and better products. Key agricultural exports like tea, coffee, and fruits will receive better access. Sensitive areas, such as dairy, will still have protections.
For services, the FTA includes 144 EU subsectors, covering IT, finance, and education. This agreement improves opportunities for Indian professionals in the EU, making it easier for them to work and transfer.
Additionally, the agreement strengthens intellectual property protection and promotes cooperation in exciting fields like AI and clean technology. Ralhan noted that this FTA, along with recent agreements with the UK and EFTA, significantly broadens international market access for Indian exporters.
This landmark agreement aligns with India’s ambition of becoming a leading global trade player by 2047, as outlined in the “Viksit Bharat 2047” vision.
Insights and Context
The India-EU FTA isn’t just about economics; it reflects a changing global landscape. A recent report from the World Trade Organization indicates that global trade is recovering post-pandemic. However, trade tensions remain a concern. Agreements like the India-EU FTA demonstrate countries’ efforts to form strong trade alliances amid uncertainty.
Additionally, user reactions on social media show optimism around increased job opportunities and economic growth, especially among young entrepreneurs. The sentiment is that this FTA could open new avenues for innovation and collaboration.
In summary, the India-EU FTA marks a pivotal moment for India’s integration into the global economy, paving the way for future growth and opportunities.
For further insights, you can refer to the World Trade Organization for reports on global trade trends and impacts.
