EU-India Free Trade Agreement to Transform India-Germany Trade, Says Ambassador Jasper Wieck
Ambassador Jasper Wieck highlights the potential of the EU-India FTA to boost trade, create jobs, and enhance economic ties.
New Delhi, November 3 (Daily Kiran) : Ambassador Jasper Wieck, the German envoy to India, recently emphasized the depth and breadth of India-Germany relations, celebrating 75 years of diplomatic ties and 26 years of strategic partnership. In a special interview, he expressed optimism about the future of their collaboration.
According to Wieck, the relationship encompasses nearly every significant sector, including trade and investment, research and technology, defense and security, sustainability, and energy security. He believes that their partnership will continue to strengthen in the coming days, weeks, months, and years.
A major development on the horizon is the Free Trade Agreement (FTA) with the European Union, expected to be signed by the end of this year and implemented in the first half of next year. Wieck stated that this agreement will mark a significant shift in trade and investment relations between India and Germany, reducing tariffs on various industrial and agricultural products.
He highlighted the potential for better integration of supply chains between the two nations, allowing them to leverage each other’s capabilities for more competitive manufacturing. This, he noted, would also benefit exports to other countries.
The FTA is projected to bolster India’s economy, leading to increased government revenue and the creation of new job opportunities, ultimately improving the financial situation of its citizens. In the energy sector, Germany has been a longstanding partner, celebrating 20 years of the India-Germany Energy Forum, which aims to assist India in transitioning from fossil fuels to renewable energy.
Germany has contributed technology, expertise, and financial support for solar energy plants, power generation projects, and grid integration, aiding India’s remarkable progress in renewable energy. Wieck pointed out that India’s renewable energy capacity has surged from approximately 2-3 gigawatts in 2006 to around 300 gigawatts today, a significant achievement for the nation.
Looking ahead, he mentioned that this energy partnership will expand beyond production to focus on developing industrial capacities related to renewable energy in India. This shift will enable India to become more self-reliant in producing the equipment and technologies needed for solar and wind energy, as well as grid requirements.
