The India-EU FTA unlocks a significant next phase of growth by targeting tariff liberalisation across over 90-95 per cent of traded goods over time while at the same time India can have a path towards China+1 in its true sense, logistics operator Allcargo Group Founder and Chairman Shashi Kiran Shetty said on Tuesday.
In the middle of the ruptured world due to geopolitical and trade realignments, the trade deal demonstrates a convergence of shared vision, offering numerous upsides to boost trade, business, employment and economic resilience between two natural allies, he said.
Earlier in the day, India and Europe announced sealing of an ambitious free trade agreement -- billed as "mother of all deals" -- that came against the backdrop of a fractious global environment and trade disruptions largely caused by Washington's policy on tariff.
"India-EU FTA is a landmark trade alliance with extraordinary scale and scope. It brings together India, the fastest-growing major economy, and the European Union, the world's largest trading bloc and largest democracies," Shetty said.
With bilateral trade already exceeding USD 135 billion annually, the pact unlocks a significant next phase of growth by targeting tariff liberalisation across over 90-95 per cent of traded goods over time, he added.
According to Shetty, the pact deepens cooperation across critical areas such as service sectors, automobiles, food products, chemicals, pharma, science and technology and clean energy, while also reshaping global supply chains navigating evolving tariff regimes.
The strategic framework will also reshape the global supply chain due to India being seen as a reliable trading partner, he said, adding that the sheer size of Indian and European markets makes it a mutually beneficial trade engagement.
"From India's perspective, it gives our export-focussed sectors preferred access to the world's largest single market. Being a fastest growing major economy, India becomes an even more attractive destination to trade and invest for a number of European multinationals seeking growth and diversification with sustainability goals where India has committed to net zero by 2070," he asserted. PTI
In the middle of the ruptured world due to geopolitical and trade realignments, the trade deal demonstrates a convergence of shared vision, offering numerous upsides to boost trade, business, employment and economic resilience between two natural allies, he said.
Earlier in the day, India and Europe announced sealing of an ambitious free trade agreement -- billed as "mother of all deals" -- that came against the backdrop of a fractious global environment and trade disruptions largely caused by Washington's policy on tariff.
"India-EU FTA is a landmark trade alliance with extraordinary scale and scope. It brings together India, the fastest-growing major economy, and the European Union, the world's largest trading bloc and largest democracies," Shetty said.
With bilateral trade already exceeding USD 135 billion annually, the pact unlocks a significant next phase of growth by targeting tariff liberalisation across over 90-95 per cent of traded goods over time, he added.
According to Shetty, the pact deepens cooperation across critical areas such as service sectors, automobiles, food products, chemicals, pharma, science and technology and clean energy, while also reshaping global supply chains navigating evolving tariff regimes.
The strategic framework will also reshape the global supply chain due to India being seen as a reliable trading partner, he said, adding that the sheer size of Indian and European markets makes it a mutually beneficial trade engagement.
"From India's perspective, it gives our export-focussed sectors preferred access to the world's largest single market. Being a fastest growing major economy, India becomes an even more attractive destination to trade and invest for a number of European multinationals seeking growth and diversification with sustainability goals where India has committed to net zero by 2070," he asserted. PTI
