The European Union Ambassador to India, Herve Delphin, recently highlighted the growing importance of India in terms of both geostrategic and geo-economic factors. During the launch of the Federation of European Business in India (FEBI) in New Delhi, Delphin emphasized the increasing business opportunities in India and called for stronger trade ties between the EU and India. He noted that the two-way EU-India trade has been growing steadily at a rate of over 10 per cent per year, showcasing the potential for further collaboration between the two economies.
The event was attended by key figures such as Minister of Commerce and Industry Piyush Goyal, ambassadors, and industry leaders. FEBI was introduced as the EU’s official Chamber of Commerce in India, with the main goal of advocating for European businesses operating in the country and promoting closer trade relations. Delphin highlighted the significant role that European companies play in India’s economy, providing high-quality jobs to millions of Indians and contributing to the country’s economic growth, investments, exports, and innovation.
Delphin explained that FEBI’s main mandate is to bring the voice of European businesses to the Indian Government and European Governments in order to advocate for a more pro-business environment. He emphasized the importance of addressing issues that constrain European businesses in India, such as Quality Control Orders, import licenses, local content requirements, investment protection, and taxation, in order to attract more European investment, promote manufacturing, and create more jobs in India.
He also stressed the potential for increased EU-India trade, noting that the current trade volume of EUR120 billion can be doubled, tripled, or even quadrupled. Delphin highlighted the fact that India has a trade surplus with the EU, meaning that it exports more than it imports, and expanding trade will benefit India. He called for both parties to establish the right conditions for the EU-India economic and commercial ecosystem to flourish, including exploring mutual concessions in trade policy to achieve a meaningful Free Trade Agreement (FTA).
Delphin also mentioned the challenges faced during the FTA negotiations between the EU and India, with fundamental differences still to be overcome. He called for a meaningful FTA that benefits both sides, emphasizing the need for India to cover a large part of the distance that separates the two parties. Overall, Delphin emphasized the potential for increased EU-India trade and collaboration, highlighting the important role that FEBI plays in advocating for European businesses in India and promoting stronger trade ties between the two economies.
