Latest news with #Dousa
India Gazette
11-06-2025
- Business
- India Gazette
India-EU FTA must address tariff, non-tariff barriers: Swedish Minister
By Shailesh Yadav 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)
Canada Standard
17-05-2025
- Business
- Canada Standard
Sweden to propose EU membership of Pacific rim free trade group CPTPP
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the world's largest free trade area in response to U.S. President Donald Trump's tariff policies. Swedish Minister for Foreign Trade Benjamin Dousa announced the proposal during a trade trip to Japan, stating that linking the EU with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would provide significant economic opportunities. "If the EU and the CPTPP as trade groups link together, it would create the biggest free-trade area in the whole world," Dousa told Reuters. "At a time when the U.S. is closing itself off more and more and becoming inward-looking, there are good opportunities for Europe to open itself up to investment and trade." The CPTPP, formed in 2018, includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK joined the pact last year, and China has also expressed interest in joining. Sweden's proposal was tabled at a meeting of EU foreign ministers in Brussels on Thursday. However, Dousa acknowledged that some member states, including France, may resist the idea due to protectionist concerns, particularly in the agricultural sector. While negotiations could take time, Dousa suggested a phased approach that would allow sector-specific agreements to be implemented more quickly. "For Sweden, this is existential," he said. "If we want to afford our healthcare, schools, and social services, our exporters must have more markets to sell to." The EU already has or is negotiating trade agreements with most CPTPP members, but a broader pact could deepen market access and offset the impact of U.S. trade restrictions.
Malaysia Sun
17-05-2025
- Business
- Malaysia Sun
Sweden to propose EU membership of Pacific rim free trade group CPTPP
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the world's largest free trade area in response to U.S. President Donald Trump's tariff policies. Swedish Minister for Foreign Trade Benjamin Dousa announced the proposal during a trade trip to Japan, stating that linking the EU with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would provide significant economic opportunities. "If the EU and the CPTPP as trade groups link together, it would create the biggest free-trade area in the whole world," Dousa told Reuters. "At a time when the U.S. is closing itself off more and more and becoming inward-looking, there are good opportunities for Europe to open itself up to investment and trade." The CPTPP, formed in 2018, includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK joined the pact last year, and China has also expressed interest in joining. Sweden's proposal was tabled at a meeting of EU foreign ministers in Brussels on Thursday. However, Dousa acknowledged that some member states, including France, may resist the idea due to protectionist concerns, particularly in the agricultural sector. While negotiations could take time, Dousa suggested a phased approach that would allow sector-specific agreements to be implemented more quickly. "For Sweden, this is existential," he said. "If we want to afford our healthcare, schools, and social services, our exporters must have more markets to sell to." The EU already has or is negotiating trade agreements with most CPTPP members, but a broader pact could deepen market access and offset the impact of U.S. trade restrictions.
Yahoo
13-05-2025
- Business
- Yahoo
Sweden to propose EU membership of Pacific rim free trade group CPTPP
STOCKHOLM (Reuters) -Sweden said on Tuesday it would propose that the European Union join a Pacific rim-based trading group with the aim of forming the world's biggest free trade area to help counter the impact of U.S. President Donald Trump's tariffs. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade accord sealed in 2018 between 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain joined last year and China also hopes to join. "If the EU and the CPTPP as trade groups link together it would create the biggest free-trade area in the whole world," Sweden's Minister for Foreign Trade, Benjamin Dousa, told Reuters by phone from Japan. "At a time when the U.S. is closing itself off more and more and becoming inward-looking there are good opportunities for Europe to open itself up... to investment and trade," he said. Trump's tariff blitz has upended decades of trade practice, shaken faith in traditional alliances and raised fears of a global recession. Dousa, who is currently on a trade trip to several Asian countries, said Sweden would make its proposal on joining the CPTPP at a meeting of EU foreign ministers on Thursday in Brussels. Export-dependent Sweden is one of the strongest supporters of free trade inside the 27-nation EU, though Dousa said he expected some member states to be less keen on a CPTPP deal. "We are ready to take up the fight with countries like France," he said. France has traditionally been more protectionist-minded, especially regarding agricultural produce. While negotiations could take some time, Dousa said it might be possible to conduct negotiations sector-by-sector and industry-by-industry, meaning concrete agreements could be in place relatively quickly. "This is existential for Sweden. If we want to be able to afford our healthcare, schools and social services here in Sweden... our exporters must have more markets to sell to," said Dousa. The EU already has or is negotiating bilateral agreements with almost all CPTPP members.
Reuters
13-05-2025
- Business
- Reuters
Sweden to propose EU membership of Pacific rim free trade group CPTPP
STOCKHOLM, May 13 (Reuters) - Sweden said on Tuesday it would propose that the European Union join a Pacific rim-based trading group with the aim of forming the world's biggest free trade area to help counter the impact of U.S. President Donald Trump's tariffs. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade accord sealed in 2018 between 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain joined last year and China also hopes to join. "If the EU and the CPTPP as trade groups link together it would create the biggest free-trade area in the whole world," Sweden's Minister for Foreign Trade, Benjamin Dousa, told Reuters by phone from Japan. "At a time when the U.S. is closing itself off more and more and becoming inward-looking there are good opportunities for Europe to open itself up... to investment and trade," he said. Trump's tariff blitz has upended decades of trade practice, shaken faith in traditional alliances and raised fears of a global recession. Dousa, who is currently on a trade trip to several Asian countries, said Sweden would make its proposal on joining the CPTPP at a meeting of EU foreign ministers on Thursday in Brussels. Export-dependent Sweden is one of the strongest supporters of free trade inside the 27-nation EU, though Dousa said he expected some member states to be less keen on a CPTPP deal. "We are ready to take up the fight with countries like France," he said. France has traditionally been more protectionist-minded, especially regarding agricultural produce. While negotiations could take some time, Dousa said it might be possible to conduct negotiations sector-by-sector and industry-by-industry, meaning concrete agreements could be in place relatively quickly. "This is existential for Sweden. If we want to be able to afford our healthcare, schools and social services here in Sweden... our exporters must have more markets to sell to," said Dousa. The EU already has or is negotiating bilateral agreements with almost all CPTPP members.
