New Delhi, Jan 29 (PTI) Global businesses, including European companies with operations in India, and experts have hailed the India-EU free trade agreement (FTA), calling it a long-awaited breakthrough.
Several senior political leaders across Europe too have publicly welcomed the agreement.
India and the 27-nation bloc of European nations on Tuesday announced conclusion of negotiations for the pact, which has been described as 'mother of all deals'. It is expected to be signed and implemented this year only.
Jurgen Westermeier, President and Managing Director for India and South Asia at Airbus and President of the Federation of European Business in India, has described the agreement as a "big moment" after 20 years of discussions.
He has said that it would act as an accelerator of opportunities for businesses of both sides.
Jan Noether, Director General of the Indo-German Chamber of Commerce, said the pact brings together two billion people and nearly a quarter of global GDP.
It is the "mother of all free trade agreements," he said.
President of the Berlin Chamber of Commerce (IHK Berlin), Sebastian Stiezel stated that the deal is an important step towards opening up in an increasingly tense global situation.
India is no longer a future market, but a market of the present, in which Berlin should now seize the opportunities, he said.
Similarly, Croatian Employers' Association (HUP) and BusinessEurope has called the FTA as one of the EU's most important trade moves amid global protectionism.
Swedish business organisations such as Svenskt Naringsliv and Foretagarna have described it as a major opportunity, citing reduced tariffs and better market access.
Chambers Ireland described it as a historic agreement that enhances market access and diversification for Irish exporters, particularly machinery and agri-food sectors.
Besides businesses, global policy experts and think tanks have termed the agreement as substantively strong and strategically well-timed.
Richard Rossow, Senior Advisor at the Center for Strategic and International Studies (CSIS), said the deal brings together a quarter of the world's population and a massive share of global trade, adding that the positive optics reflect strong substance.
Further Michael Kugelman, Senior Fellow at the Atlantic Council, called the India–EU FTA the "right deal at the right time", stressing that it goes beyond cushioning US tariffs and instead consolidates a broader, fast-growing strategic partnership.
The European Council on Foreign Relations called the EU-India FTA as one of the largest trade agreements concluded in recent years, covering goods, services, investment, digital trade and regulatory cooperation.