During the India Europe Business and Sustainability Conclave, Indian Foreign Minister Dr. S. Jaishankar emphasized the importance of a Free Trade Agreement (FTA) between India and European countries, stating that it would prove to be a game changer. He highlighted the significant role that business plays in promoting stability and noted that India and Europe share multilateral, geopolitical, and security concerns. The European Union is India’s largest and most important trade partner, with bilateral trade amounting to $88 billion in 2021. Dr. Jaishankar also emphasized the importance of renewable energy and the promotion of a green economy in the relationship between India and Europe.
The India-Europe Business and Sustainability Conclave, which began on Tuesday and will continue until March 1, 2023, aims to promote trade and sustainable development between India and European countries. The bilateral trade between India and European countries has increased by 30% in the last decade, and European Union countries are some of the largest investors in India, with investments amounting to £87 billion in 2020. Over 6,000 EU companies operate in India, providing direct employment to 1.7 million people and indirect employment to approximately 5 million people.
The potential benefits of an India-EU FTA are significant, as it would eliminate trade barriers and increase the flow of goods and services between the two regions. With India’s fast-growing economy and the EU’s status as one of the world’s largest trading blocs, the FTA could create new opportunities for businesses in both regions. The promotion of a green economy could also lead to greater cooperation on renewable energy and sustainable development.
In conclusion, the India-EU Free Trade Agreement could be a game changer for both regions, as it would promote greater trade and economic cooperation, as well as support sustainable development. The India Europe Business and Sustainability Conclave provides an excellent opportunity for businesses and policymakers to discuss these issues and explore new opportunities for collaboration.