Experts are buzzing about how the India-EU Free Trade Agreement hands India a decisive advantage in its suite of bilateral trade discussions. Unveiled amid cheers on Wednesday, the pact couldn’t be more opportune.
Mahavir Pratap, past chairman of CEPC, dissected its value. Export surges are imminent, countering US trade aggressions head-on. Europe, the top developed market trailing only America, opens wide with nil duties on labor-focused exports like textiles, leather, and carpets. The ripple effect? A boom in employment opportunities.
Srikant Rao from Indian Coffee Roasters Association sees it as epoch-making. As Europe’s top supplier of coffee, India gains momentum. The FTA’s stability encourages bold bets on machinery upgrades and premium products for enduring gains.
Celebrating 20 years of diplomacy, K.M. Subramaniam of Tirupur Exporters Association is optimistic. Annual apparel exports hit Rs 45,000 crore, 20% EU-bound. A 15% uplift in the first implementation year seems realistic.
Billed the ‘Mother of All Deals’ for commanding 25% of global GDP and influencing 2 billion souls, this FTA is India’s trade ace. It bolsters negotiating power, shields against uncertainties, and charts a course for robust economic expansion through enhanced exports and market access.