FTA with India will be a game changer in supply chain management: EU ambassador
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EU ambassador to India Jean-Eric Paquet further said, "We are creating an economic space across India and the European internal market. That is what is being established, creating a long-term perspective and reliability for economic operators, which will obviously build on very significant trade already."
New Delhi: The free trade agreement (FTA) between India and the European Union, expected to be signed in December, and the proposed investment treaty would be a game changer in managing supply chains, according to the EU ambassador to India Jean-Eric Paquet. "I think the negotiation, which concluded at the summit in January, was a game changer, and the FTA will be a game changer. There is no doubt to be had on that," Paquet told ET."The EU Commission proposed signatures a few weeks ago, on the 11th of September. I am mentioning it because with that also comes very detailed information, called a schedule of commitments, where now everyone knows when the taxes, when the rates and import rates are being reduced and entering into force for India," he said. "So, it is a game changer because together with the investment protection agreement-on which negotiations are ongoing, and here I hope we can see an acceleration of these negotiations-when both are in place, it is not just about trade facilitation. It is much more about supply chain management and the resilience of supply chains."
Paquet further said, "We are creating an economic space across India and the European internal market. That is what is being established, creating a long-term perspective and reliability for economic operators, which will obviously build on very significant trade already."
The comments come ahead of Prime Minister Narendra Modi's proposed visit to Brussels in mid-December for the signing of the FTA.
The EU envoy said Members of the European Parliament (MEPs) are very positive about the FTA with India. "A group of MEPs visited India in March, led by the chair of the trade committee in the parliament. They had the opportunity to meet many actors here and get a real sense of the scope of the agreement and how it is being considered so they will be able to deal with it effectively," he said.
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Regarding the sensitivities of both sides to the agreement, Paquet said, "We were very careful to ensure that the coverage reflects sensitivities on both sides. It is a free trade agreement which is slightly less broad in agricultural products than others. I think, by and large, both sides were very happy. With the broadest possible coverage of tariff lines-99% of the trade that India has with Europe will be rate-free upon entry into force-we really are covering the sectors that matter, as well as new sectors that have been largely left untouched in the past, such as the automotive sector. Indian car manufacturers are, for the first time, seriously looking at Europe."
Asked about the India-EU Indo-Pacific partnership, the envoy said, "The connection is very strong in terms of supply chains. The Europeans are prioritising their Indo-Pacific strategy, which was adopted a few years ago. We meet on a yearly basis with ministers from the Indo-Pacific region. So, there is really a strong focus on the European side on the Indo-Pacific. India is leading very much on Indo-Pacific foreign policy thinking, and therefore also engaging with us. I think, more concretely, this is about maritime security, freedom of navigation-a big part of the work India and Europe are doing under the security and defence partnership. This is, of course, also about connectivity."
India and the EU are also cooperating on projects in Africa. There could also be scope for Japan, India and Europe to work together, according to the EU envoy.
Referring to the India-EU counterterrorism partnership, he said, "There is a lot of convergence between India and Europe on condemning current terrorism and on root causes of terrorism. I expect this can continue to be very productive."
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