The recently concluded free trade agreement with the European Union has become a key beneficiary of India, as US Trade Representative Jamieson Greer revealed, and it was the first official statement of the Trump administration to the historic deal. Greer reported that India is a winner because it has emerged on the winning side and will benefit a lot due to increased accessibility to European markets.
The free trade agreement between India and the EU has been recently signed and leaders on both flats have termed the agreement as the mother of all deals. The agreement is being considered as a significant step in reversing increasing global protectionism as well as strengthening a rules-based international trade order. The two partners also promised to tighten security and defence relations in addition to the economic collaboration.
It is a deal that is made at a period of increased trade uncertainty in the world with European Commission President Ursula von der Leyen stating that the world is becoming increasingly weaponised in terms of trade. Her comments were mostly perceived to be referring to the changing tariff policies by the Trump administration that have left the international markets and trade allies shaken.
In an interview on Tuesday, Greer opined that India was the one that could gain the most out of the accord. I have been checking on a few of the deal specifics. I believe that India is the winner in this, to be frank. They achieve greater market penetration into Europe, he said. He further stated that the enhanced access would make India better placed in international trade and become more competitive in the major areas.
The US reaction highlights the increasing global interest in the India-EU agreement, which is likely to re-align trade flows, stimulate investment and enhance strategic collaboration between New Delhi and Brussels in a globalizable trade world that is becoming more and more fragmented.
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