NewKerala.com

India-EU Trade Deal Key to Luring US, Says Raymond's Gautam Singhania

Raymond Group Managing Director Gautam Singhania stated that a successful India-European Union Free Trade Agreement could be instrumental in bringing the United States to the negotiating table with India. He highlighted that zero-duty access for textiles to the EU would significantly boost employment and industrial growth, given the sector's role as a major employer. Singhania also praised Maharashtra Chief Minister Devendra Fadnavis for securing numerous Memorandums of Understanding during his recent visit to Davos. The conclusion of the India-EU FTA negotiations is anticipated to be announced at a summit on January 27.

Key Points: India-EU Trade Deal Can Bring US to Table: Singhania

  • EU trade deal may lure US to negotiate
  • Duty-free textile access to boost jobs
  • Fadnavis's Davos trip praised for MOUs
  • India-EU summit expected to conclude FTA
2 min read

"EU trade deal will help bring US to negotiating table": Raymond Group Managing Director Gautam Singhania

Raymond MD Gautam Singhania says a strong India-EU trade agreement could be pivotal in drawing the United States into negotiations with India.

"I think that will be a significant step to bring America to the negotiating table if India gets a very good deal with the EU. - Gautam Singhania"

Mumbai, January 26

Raymond Group Managing Director Gautam Singhania on Monday said that a potential trade agreement between India and the European Union could play a crucial role in bringing the United States to the negotiating table.

Speaking to the reporters, Singhania said, "As far as the budget is concerned, the EU trade deal is expected to happen tomorrow. I think that will be a significant step to bring America to the negotiating table if India gets a very good deal with the EU."

Commenting on Maharashtra Chief Minister Devendra Fadnavis's recent visit to Davos, Singhania praised the outcomes of the trip, particularly the number of Memorandums of Understanding (MoUs) signed.

"Chief Minister (Devendra Fadnavis) visited Davos, and he has done a phenomenal job in terms of the amount of MOUs that he has signed. I think that will be very good for the state and for the country," he said.

Earlier today, Gautam Singhania said that the proposed India-European Union (EU) Free Trade Agreement (FTA), particularly negotiations around zero duty on textiles, could deliver a significant boost to employment and industrial growth.

"Textiles remain among the largest employers in the country and a duty-free access to the EU market would be beneficial not only for the sector but also for the broader economy," Singhania said.

EU President Ursula von der Leyen is in New Delhi, where she attended the Republic Day celebrations as the Chief Guest.

In a social media post on X, von der Leyen said, "It is the honor of a lifetime to be Chief Guests at the Republic Day celebrations. A successful India makes the world more stable, prosperous and secure. And we all benefit."

Meanwhile, New Delhi and Brussels are likely to announce the conclusion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27.

Leaders from both sides are expected to adopt a joint EU-India comprehensive strategic agenda to reinforce the strategic partnership and deepen cooperation, which delivers stability and prosperity at home and beyond.

On the upcoming Union Budget, Singhania refrained from offering detailed expectations, stating that he was not the appropriate person to comment on budgetary matters. However, he expressed optimism that recent trade deals and investment commitments would provide a strong foundation for India's economic momentum.

- ANI

Share this article:

Reader Comments

S
Sarah B
As someone working in export logistics, this is welcome news. Duty-free access to the EU market can be a game-changer for MSMEs. Hope the deal is finalized smoothly tomorrow.
R
Rohit P
Good to see positive developments on Republic Day itself! The Davos MoUs and now this potential FTA signal strong global confidence in 'Make in India'. Let's hope the benefits reach the grassroots.
P
Priya S
While the optimism is good, we must be cautious. Past FTAs haven't always delivered as promised for our domestic industries. The government must ensure proper safeguards are in place.
M
Michael C
Interesting perspective from Singhania. Using one major trade deal to pressure another is classic diplomacy. The US will definitely take notice if India-EU ties deepen significantly.
K
Kavya N
Textiles are so important for jobs, especially for women in many states. A zero-duty deal with the EU could really boost manufacturing clusters in Tamil Nadu, Gujarat, and UP. Fingers crossed! 🤞

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50