India-EU trade deal a historic milestone, will benefit both economies: Business leaders

New Delhi: The India–European Union trade deal is a historic milestone that will create a large integrated market and deliver significant benefits to the economies of both regions, industry leaders said on Tuesday.

Speaking to IANS on the sidelines of the Indo-EU Business Forum, Frank Schloeder, Managing Director of Hafele India Private Limited, said the conclusion of the India-EU Free Trade Agreement after prolonged negotiations marks an important moment.

He noted that the deal comes at a time when the rules-based global order is facing considerable disruption.

“As members of the business community, the focus will be on maximising the benefits arising from this agreement,” he told IANS.

Rajesh Vohra, CEO of Artsana India–Chicco, described the agreement as a very positive development.

“The deal will significantly ease import and export processes and open up new opportunities for businesses on both sides,” he said.

Vinod Sharma, Managing Director of Deki India Electronics Limited, said his company has been manufacturing electronics products in India for the past 40 years and views the trade deal as a strong step forward.

“The agreement will enhance cooperation between two major economies. For India, Europe is not just a large market, but also a key source of advanced technology and increased investment,” he added.

Elsevier Chairman YS Chi said the agreement reached by both sides is highly encouraging and will make collaboration in areas such as trade, talent and intellectual property much easier.

“The deal will benefit not only the economies of India and Europe but also the global economy as a whole,” he added.

Fredrik Persson, President of BusinessEurope, told IANS that the India-Europe trade deal has come at a time when it was most needed.

“It will create a wide range of opportunities for Europe in India and for India in Europe,” Persson said.

“Together, the two regions form one of the world’s largest markets, and the agreement will help combine India’s skills with Europe’s technological strengths within a rules-based framework, benefiting both sides,” Persson added.

IANS