New Delhi: The India-European Union Free Trade Agreement (FTA) is expected to help Indian exporters compete more effectively in European markets against countries like Vietnam, Bangladesh, Thailand, Malaysia, and Sri Lanka, industry representatives said on Wednesday.
Himanshu Vaidya, Managing Director and CEO of Polymedicure, described the India-EU FTA as a major achievement for the country. He noted that the agreement opens up the markets of 27 European countries simultaneously for Indian exporters, enhancing their access to Europe.
Vaidya added that the FTA will enable Indian companies to increase exports significantly and gain better access to European technology. At the same time, European firms will benefit from easier entry into India’s rapidly growing market.
He also highlighted that the agreement is likely to boost manufacturing within India and attract more investment.
R.S. Kanwar, Chairman of the Export Promotion Council for Medical Devices (EPCMD), called the India-EU trade deal highly beneficial and potentially revolutionary for the pharmaceutical sector.
Kanwar stated, “The India-EU FTA is a positive step for the Indian medical devices industry. Access to life-saving drugs will be mutually advantageous.” He emphasized that while zero tariffs on medical devices are welcome, non-tariff barriers must also be addressed for Indian manufacturers to fully access the European market.
Announcing the FTA, Prime Minister Narendra Modi described it as more than a trade pact, calling it a blueprint for shared prosperity. According to him, the historic agreement will facilitate easier market access for farmers and small industries, create new manufacturing opportunities, and strengthen collaboration in the services sector between India and the EU.
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