India-EU FTA must address tariff, non-tariff barriers: Swedish Minister
Stockholm [Sweden], June 12 (ANI): A comprehensive free trade agreement between India and the European Union should tackle both tariff and non-tariff barriers to maximise benefits for both regions, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa said Wednesday.
Speaking to business leaders from India and Sweden, Dousa emphasised that both the EU and India are 'just a bit over-regulated' and would benefit significantly from reducing regulatory barriers alongside traditional tariffs.
'The best outcome for both the EU and India will be an FTA that goes beyond tariffs to include non-tariff barriers,' Dousa said. 'Both regions are somewhat over-regulated at present, and addressing this will enable smoother cross-border trade.'The minister highlighted the strong existing partnership between Sweden and India, noting that 75 Indian companies operate in Sweden, employing approximately 7,000 people. Major Swedish companies, including ABB, IKEA, and Ericsson, have made substantial investments in India over many years.
'Our countries are very well positioned to grow together,' Dousa said. 'We have been close partners for a very long time, and Swedish companies have invested heavily in India.'
The FTA negotiations between the two sides are expected to conclude in 2025. India last month said the two sides engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.
Dousa expressed confidence that India could become a trusted global manufacturing hub by continuing to attract foreign direct investment.
He noted that Sweden is well-positioned to help India increase manufacturing's share of its GDP, particularly as India has set ambitious goals to grow its manufacturing sector.
The minister pointed to India's status as the world's fastest-growing economy and emphasized the country's increasingly prominent role on the global stage.
He also highlighted cooperation between the two nations in space technology and noted that Indian investment in Sweden continues to grow.
According to Dousa, a comprehensive trade agreement would not only increase ease of doing business but also create opportunities for building more robust supply chains between the regions.
The proposed FTA represents a significant opportunity for both India and the EU to reduce regulatory barriers that currently impede trade flows, while strengthening economic ties that could benefit both regions' long-term growth prospects.
Speaking on behalf of Swedish industry, Jacob Wallenberg, Chairman of the Confederation of Swedish Enterprise, issued a clear call to action: 'Swedish industry captains call for urgent India-EU FTA [and] urge political leaders of India and EU to conclude FTA at the earliest.' (ANI)
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