Stockholm [Sweden], June 11 (ANI): The proposed India-European Union Free Trade Agreement (FTA) will be a great enabler, Union Commerce and Industry Minister Piyush Goyal has said, adding that India will be able to offer greater opportunities for Sweden.
Attending India-Sweden Business Delegation meetings in Stockholm, Union Minister Goyal stated that India and Sweden complement each other.
“The India-EU Free Trade Agreement is clearly going to be a great enabler… We do hope to be able to offer you a better pathway and greater opportunities in the future… I can assure you that we are making good progress and are deeply committed to strengthening this partnership, working together.”
The Minister also highlighted India’s growth prospects. “Today, amongst all the investment opportunities available anywhere in the world, I dare say the market of 1.4 billion aspirational Indians can beat any other opportunity. When 1.4 billion Indians take one step forward, our country takes 1.4 billion steps forward. That is the spirit in which the Indian growth story is powering on,” said Goyal.
Inviting the business community to invest in India, Goyal further added, “We would like to invite all the distinguished business leaders of Sweden to come to India to experience our country. I am sure this tested partnership can really grow beyond the frontiers of what we have achieved so far.”
With over 280 Swedish companies in India and more than 80 Indian companies in Sweden, the potential for collaboration is immense. Goyal emphasized that the proposed India-EU FTA has huge potential.
“There’s huge potential awaiting all of us. We complement each other. Sweden and India, working as friends, as trusted partners, can transform the Indian economy; the Indian growth story can support the Swedish plans for the future.”
Goyal said India is not only the largest and fastest-growing economy, but it will continue to grow for the next 20–30 years. He highlighted that India has one of the lowest inflation rates and strong forex reserves.
Citing the favourable business ecosystem, he appealed to the investor community to make investments in India.
Goyal reached Sweden after completing his two-day official visit to Switzerland. Apart from other engagements, he will meet with the Indian diaspora and address media interactions, further strengthening people-to-people connections and communicating the vision for the India-Sweden partnership.
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 maximize benefits for both regions, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa said on Wednesday.
Speaking to business leaders from India and Sweden, Dousa emphasized 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 reaffirmed their shared resolve to conclude the India-European Union Free Trade Agreement 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 the 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.”
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