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EU-India Trade Deal Sealed After 18 Years, Envoys Hail Major Breakthrough

European Union envoys have hailed the finalization of a long-awaited trade deal with India as a major breakthrough. The agreement concludes nearly 18 years of complex negotiations and is described as substantive and balanced. Diplomats from Malta, Italy, and Austria emphasized that the deal will strengthen trade and investment ties between the two economic blocs. They also stressed that the predictability it offers is crucial for boosting business confidence in the current global environment.

Key Points: EU-India Trade Deal Finalized After 18 Years of Talks

  • Deal ends nearly 18 years of complex negotiations
  • Called a substantive and carefully balanced agreement
  • Expected to significantly boost trade and investment
  • Provides predictability and confidence for businesses
  • Seen as a strong political and economic signal
2 min read

EU-India trade deal a major breakthrough after years of talks: Envoys

European envoys welcome the landmark India-EU trade agreement, calling it a substantive deal that will boost trade, investment, and business confidence.

EU-India trade deal a major breakthrough after years of talks: Envoys
"It's a great achievement after many years of negotiation. - Reuben Gauci"

New Delhi, Jan 27

European Union envoys on Tuesday welcomed the India-EU trade deal, calling it a major achievement that will strengthen trade and investment ties between the two sides after years of long and complex negotiations.

Speaking to IANS, Malta's High Commissioner to India, Reuben Gauci, said the agreement marks a significant milestone after many years of discussions.

He said the deal is substantive and carefully balanced, while respecting the interests of both parties.

Gauci added that the agreement will be highly beneficial for boosting trade and investment relations, as trade often acts as a key driver for investment.

He noted that opening up markets creates new opportunities for businesses on both sides.

"It's a great achievement after many years of negotiation. I think we managed to reach an agreement that is substantive, while respecting the right lines of the two parties," he added.

Italian Ambassador to India, Antonio Bartoli, described the deal as an extremely important development for both India and the European Union.

Expressing relief over the conclusion of the talks, he said it was crucial that two large economic blocs reached an agreement in an amicable and predictable manner.

Bartoli emphasised that predictability is especially important in the current global environment, as it gives confidence to businesses and investors.

Austrian Ambassador to India, Robert Zischg, also viewed the agreement in a very positive light.

He said the deal comes after nearly 18 years of difficult negotiations involving many complex issues that directly affect companies in both regions.

Zischg said finalising such a complicated agreement sends a strong political and economic signal and will provide greater clarity and confidence to companies operating across India and Europe.

"This is a very complicated deal and that we have finalised the negotiations is both a good political signal and also economic signal for our companies. I guess this is at the core of that agreement," Zischg mentioned.

- IANS

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Reader Comments

P
Priya S
Great step forward. The emphasis on 'predictability' by the Italian Ambassador is key. In today's volatile world, businesses need stable rules to plan long-term investments. This could be a game-changer for job creation in sectors like automotive and pharmaceuticals.
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Rohit P
While I welcome the deal, I hope our negotiators protected the interests of our farmers and local industries. Sometimes these agreements favour the bigger player. The proof will be in the pudding—let's see the actual text and tariff reductions.
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Sarah B
As someone working in the renewable energy sector, this is very promising. Easier access to European technology and investment can accelerate India's green transition. Collaboration on climate goals is a win-win.
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Vikram M
Finally! 18 years is a very long time. This shows the complexity but also the commitment from both sides. Hoping for cheaper imports of machinery and maybe even some European cars? 😊 More importantly, our textiles, spices, and IT services should get a major boost.
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Karthik V
A balanced deal respecting both parties' interests is the need of the hour. In the post-pandemic world, diversifying trade partners is crucial. This reduces over-dependence on any single region. Strategic move by India.

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