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EU-India Trade and Technology Council “Trade with India can finally move forward”

Date

25 Apr 2022

Sections

Trade & Society

Frankfurt, 25 April 2022 - Commenting on the agreement of an EU-India Trade and Technology Council (TTC), Ulrich Ackermann, head of the foreign trade department at VDMA, said:

"Finally, the EU is walking the talk in its trade relations with India. After all, little has happened since the May 2021 agreement between the EU and India to start free trade negotiations. The EU-India Trade and Technology Council (TTC) agreed today opens up the opportunity to achieve liberalization not only in trade, but also to cooperate more closely on technology issues. To this end, export licenses from EU Member States for technology exports to India would have to be facilitated. In addition, negotiations to reduce tariffs should be conducted within the framework of the TTC.

In the machinery sector, Indian tariffs average 7.5 percent, making them among the highest in the world. Technical trade barriers should also be addressed. The goal must be to anchor international mechanical engineering standards in an agreement. In principle, a broader-based EU trade policy makes sense. After all, European mechanical engineering companies need new sales markets in view of the difficult geopolitical situation."

The VDMA represents more than 3,400 German and European mechanical and plant engineering companies. The industry stands for innovation, export orientation and medium-sized businesses. The companies employ around four million people in Europe, more than one million of them in Germany alone. Mechanical and plant engineering represents a European turnover volume of around 800 billion euros. In the entire manufacturing sector, it contributes the highest share to the European gross domestic product with a value added of around 270 billion euros.

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