Our objective is to have a comprehensive free trade agreement with India: EU Commissioner

Some takeaways from the interaction between BL and EU Commissioner.

BL:India has been trying to become a global manufacturing hub to diversify the global supply chain instead of everything centered around China. Do you see India emerging as a credible manufacturing alternative?

The pandemic and Russia’s war of aggression against Ukraine forced us to understand that we have to move towards what we call strategic autonomy. I don’t believe that strategic economy means that everything has to be produced from A to Z in Europe. It’s quite the opposite. Strategic autonomy means diversification of suppliers and customers. In that respect, India shows a great example because this country is not dependent on any (one) partner. The more we are diversified, interlinked and interconnected, the better it is, because it contributes to peace and stability.

BL: So, are European companies looking at India as an investment destination?

The EU is already India`s number one trade partner and also the largest source of FDI. 6000 EU companies are present in India, employing nearly 2 million people directly, and 5 indirectly. Yet, much more can be done. In this respect, it is critical to have a conducive investment climate and I think India understands this very well. This is why we have now this re-energized talks in several areas besides the trade agreement, as we are also negotiating, for example, a separate agreement the protection of investors