Historic India-EU pact to boost both economies, say business leaders

New Delhi (The Uttam Hindu) - The India-European Union (EU) trade deal is a historic moment. It will create a larger common market and benefit the economies of both regions. This statement was made by industry leaders on Tuesday. Speaking on the sidelines of the Indo-EU Business Forum on the India-EU FTA, Frank Schloder, MD of Hafele India Pvt Ltd, said that the trade deal between India and the EU, after long negotiations, is a historic moment. This deal has been reached at a time when the rules-based global order is facing turmoil. Being from the business world, our aim is to take maximum advantage of this deal.

Rajosh Vohra, CEO of Artsana India-Chicco, said, "This is a very good agreement. As an Italian company, I can say that this will significantly simplify import and export. It will open up new opportunities for businesses." Vinod Sharma, MD of Daiki India Electronics Limited, said, "Our company has been manufacturing electronics products in India for the past 40 years. This trade deal is very good. It will increase cooperation between two major economies. Europe is not only a major market for India, but the country can also obtain many advanced technologies from there and increase investment."

Elsevier Chairman YS Chee said the agreement reached by both sides is very good. It will make it much easier for businesses to collaborate on trade, talent, and IP. This will benefit the economies of both regions as well as the entire world. Speaking to IANS, Business Europe President Frederik Persson said the India-Europe trade deal comes at a time when it is most needed. It will create a huge number of opportunities for Europe and India. Together, the two regions are one of the largest markets in the world. This will enable the integration of India's skills and Europe's technology.