EU-India trade deal a major breakthrough after years of talks: Envoys

New Delhi: European Union envoys on Tuesday welcomed the India-EU trade deal, calling it a major achievement that will strengthen trade and investment ties between the two sides after years of long and complex negotiations.

Speaking to IANS, Malta’s High Commissioner to India, Reuben Gauci, said the agreement marks a significant milestone after many years of discussions.

He said the deal is substantive and carefully balanced, while respecting the interests of both parties.

Gauci added that the agreement will be highly beneficial for boosting trade and investment relations, as trade often acts as a key driver for investment.

He noted that opening up markets creates new opportunities for businesses on both sides.

“It’s a great achievement after many years of negotiation. I think we managed to reach an agreement that is substantive, while respecting the right lines of the two parties,” he added.

Italian Ambassador to India, Antonio Bartoli, described the deal as an extremely important development for both India and the European Union.

Expressing relief over the conclusion of the talks, he said it was crucial that two large economic blocs reached an agreement in an amicable and predictable manner.

Bartoli emphasised that predictability is especially important in the current global environment, as it gives confidence to businesses and investors.

Austrian Ambassador to India, Robert Zischg, also viewed the agreement in a very positive light.

He said the deal comes after nearly 18 years of difficult negotiations involving many complex issues that directly affect companies in both regions.

Zischg said finalising such a complicated agreement sends a strong political and economic signal and will provide greater clarity and confidence to companies operating across India and Europe.

“This is a very complicated deal and that we have finalised the negotiations is both a good political signal and also economic signal for our companies. I guess this is at the core of that agreement,” Zischg mentioned.

IANS