Davos [Switzerland]: The long-awaited Free Trade Agreement (FTA) between India and the European Union appears to be entering its final stages, with industry leaders and diplomats expressing high optimism during the World Economic Forum in Davos.
Speaking to ANI, Rajan Bharti Mittal, Vice-Chairman of Bharti Enterprises, noted that the momentum for the deal has reached a critical point. “I think EU-India (Trade Agreement), we are all hoping and I think voices are being heard that the Agreement is happening. I think it is a good Agreement between the two countries. Technologies will be shared, exports. Some hit that has been taken will get addressed, they will get a large market,” Mittal said, adding that the relationship has been “long-pending” and expressing hope that the deal will be signed during the upcoming visit of European Commission President Ursula von der Leyen to India.
European diplomats have echoed this sentiment, highlighting the immediate benefits the pact would bring to individual member states. Estonia’s Ambassador to India, Marje Luup, pointed out that while Estonian products like liquors and cheese are already available in Indian markets, the FTA would serve as a catalyst for deeper economic ties. “Companies are here already, but if we are going to have the FTA, this is going to increase the possibilities for cooperation,” she remarked.
The urgency of the agreement was further emphasised by Reuben Gauci, High Commissioner of the Republic of Malta to India, who described the current period as the “last days” before a potential signing. Gauci underscored that the FTA is vital for all EU members, regardless of their size, particularly in addressing trade imbalances. “This Free Trade Agreement has been awaited for a very long time. It is great to note that finally we are in the last days, where hopefully this FTA will be signed,” he said. Highlighting the specific trade dynamics between his nation and India, he noted, “Malta imports from India, 10 times more than India imports from Malta. I have a belief that Maltese products can make it here in India.”
“During my time as High Commissioner here, I’ve overseen a number of Maltese products coming to India, being imported here in India for the first time. Thanks to this Free Trade Agreement, we will have new Maltese products, and we will reduce the trade deficit,” he explained.
As President Ursula von der Leyen prepares for her visit to New Delhi, where she is scheduled to attend the Republic Day celebrations as a Chief Guest, the diplomatic community remains hopeful that this “mother of all deals” will finally be sealed, creating one of the world’s largest open-trade zones. (ANI)
