The recent breakthrough in the WTO’s Trade Facilitation Agreement negotiations shows that India is opening up towards free trade. While the EU-India Free Trade Agreement is unlikely to conclude within the year, there are other opportunities from which business can benefit, and the new political administrations in the world’s two largest democratic jurisdictions could provide the added impetus for stronger trade relations between both. The defence, IT, financial services and renewable energy sectors are areas for considerable Indian investment in the next few years, which could provide a real fillip to European companies operating in these areas. The EU should embrace these opportunities and resist protectionist tendencies. Trade between the two economies is already worth more than €100bn annually, but the potential benefits of closer trade ties could be one of the big drivers of growth in the EU.
In our snapshot The Modi-Juncker era – new opportunities in EU-India trade Amrit Singh Deo from FTI Consulting’s Mumbai office analyses the most promising sectors and opportunities for business in both economies.