New Delhi: The India–European Union Free Trade Agreement is expected to significantly strengthen the competitiveness of Indian exporters in European markets, helping them take on rivals such as Vietnam, Bangladesh, Thailand, Malaysia and Sri Lanka, industry leaders said on Wednesday.
Speaking to IANS, Polymedicure Managing Director and CEO Himanshu Baid said the India–EU FTA is a major achievement for the country, as it opens up the combined market of 27 European nations for Indian exporters.
“The agreement will give Indian companies a stronger footing in Europe, enabling them to compete more effectively with other export-oriented Asian economies,” he stated.
Baid added that the trade pact will improve market access for Indian firms and support higher export volumes.
“The agreement will ensure easier access to advanced European technologies, while European companies will benefit from entry into India’s fast-growing domestic market,” he told IANS.
“The FTA is expected to boost manufacturing activity in India and attract higher levels of investment into the country,” he added.
Echoing similar views, Medical Devices Export Promotion Council (EPCMD) Chairman R.S. Kanwar told IANS that the India–EU trade agreement is highly beneficial and could prove transformative for the pharmaceutical and medical devices sector.
Kanwar said the FTA is a positive step for India’s medical devices industry, noting that improved access to life-saving medical products will be mutually beneficial for both India and the European Union.
He welcomed the move towards zero-duty access for medical devices but stressed that non-tariff barriers must also be addressed to allow Indian manufacturers to fully tap the European market.
Announcing the India–EU FTA, Prime Minister Narendra Modi said the agreement is not just a trade deal but a new blueprint for shared prosperity.
“The historic pact will make it easier for Indian farmers and small industries to access European markets, create fresh opportunities in manufacturing, and further strengthen cooperation in the services sector between India and the European Union,” he told IANS.
(IANS)
