New Delhi: The Free Trade Agreement (FTA) between India and the European Union (EU) marks a historic milestone with far-reaching implications. This unprecedented deal involving multiple countries is set to significantly accelerate India’s exports, innovation, and self-reliance, according to Veer Sagar, Chairman of the Electronics and Computer Software Export Promotion Council (ESC), under the Ministry of Commerce and Industry.
Veer Sagar highlighted that the key feature of this agreement is the partnership on equal footing between India and the EU. Particularly for the IT sector, this deal is highly significant. India will no longer be limited to providing manpower or basic supply but will collaborate with European partners in innovation, designing, development, automation, and artificial intelligence.
He also pointed out that earlier, travelling to Europe for work or study involved complicated permissions and approvals. The new agreement will simplify these processes, making movement easier and strengthening work and education collaborations between India and the EU.
According to Veer Sagar, the FTA will also support the Make in India and Atmanirbhar Bharat initiatives. However, it will be a mutual partnership where some parts will be manufactured in Europe and others in India, culminating in joint production and shared responsibility models.
The ESC Chairman further explained that India was often assigned only specific tasks, as has been the case with markets like the US. Going forward, India will play an equal role in design, innovation, and technology development. This transformation will extend beyond IT to sectors such as automobile, pharmaceuticals, agriculture, and banking.
He emphasized that the trade deal was possible because India has become a strong part of the global supply chain. While India previously relied heavily on imports, the country now has large-scale manufacturing capabilities, making it a trusted partner for European countries.
Veer Sagar added that the India-EU partnership will foster knowledge sharing, technology transfer, and joint production, which will not only boost India’s exports but also strengthen its global identity as an innovation hub and manufacturing powerhouse.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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