Sweden pushes for swift EU India free trade pact

The European Union and India must conclude the free trade agreement that deals with both the tariffs and the non -carrier barriers, and urged the Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dosa on Wednesday, warning that “both the European Union and India are organized slightly at the present time.”

Speaking to business leaders from Sweden and India, Dosa said that reducing organizational obstacles besides cutting the customs tariff would open great gains for both commercial blocs. He pointed out that India, the world’s fastest growing economy in the world, could enhance its status as a first -manufacturing center by attracting more foreign direct investment.

“We only started exploring the full capabilities of the economic partnership in Sweden and India,” Dosa said, smart to enter Ericsson in India in 1903 and the subsequent investments made by Tetra Pak, ABB, Volvo and Ikea are among others. Today, more than 280 Swedish companies are operating in India, which contributes to employing nearly 17,000 people, while 75 Indian companies in Sweden are employing about 7,000 people.

At the same summit, the Minister of Trade and Industry of India described Joilel Joyal talks with the European Union counterparts as “going well” and said only “a little re -calibration of the customs tariff” and organizational alignment. Quoted from Rabindraanath Tagre – “You have to swim in water to cross the seas” – urging negotiators to seize the moment, describing the commercial agreement of India – the European Union as a “great empowerment factor” of joint prosperity.

Swedish industry echoed these calls. Yaqoub and Linberg, President of the Union of Swedish Institutions and a descendant of the prominent business strain behind industrial giants such as EQT AB, Ericsson and ABB- on both sides to end the trade agreement as soon as possible.

Joyal highlighted the opportunities “once in the generation” for European investors. He said that India is leading 16 percent of global growth, and the stock market has grown about 4.5 times since 2014. With an investment of $ 125 billion annually in infrastructure, India aims to become an economy of $ 30 trillion in the next two decades.