India, European nations forge historic trade agreement amid concerns over Chinese imports
NEW DELHI: Member of the Swiss Parliament and President of the Swiss-India Parliamentary Group, Nik Gugger, stated that India stands at a pivotal moment. With European countries increasingly wary of cheap Chinese goods flooding their markets, India has a significant chance to step in.
Gugger, quoted by ANI, stated, "We can confidently say that it is India's moment — the big chance. India can now leverage its powerful slogan: 'Incredible India.'"
He further asserted, "This is an opportunity to demonstrate that we don't need subpar products from elsewhere. Instead, we have a free trade agreement with India, and together, we can focus on high-quality collaboration."
The European Union has consistently raised concerns about the influx of inexpensive Chinese products, including electric vehicles, solar panels, and wind turbines, which adversely affect local interests.
Additionally, during his visit to India, Gugger highlighted the Trade and Economic Partnership Agreement between India and four European countries: Switzerland, Iceland, Norway, and Liechtenstein.
India-European Free Trade Association signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. EFTA, an inter-governmental organisation established in 1960, promotes free trade and economic integration for the benefit of its four Member States.
Gugger explained, "This free trade agreement is the first of its kind — India's pact with four European nations. It opens up numerous opportunities for both sides."
When asked about the sectors that would benefit, he emphasised cooperation in various areas, including healthcare, medical care, steel, and, notably, dual education. Gugger praised the vocational training centres in both India and Switzerland, recognising their potential.
In a groundbreaking move, Mumbai has hosted the first-ever Trade and Economic Partnership Agreement event today.
Gugger also touched upon the bilateral relations between India and Switzerland. With a friendship treaty spanning 76 years (celebrating 75 years last year), the two nations have embarked not only on friendship but also on a robust free trade agreement. The synergy between them, particularly in vocational training, holds immense promise. India's youthful population — with over 50% aged below 30 years — adds to this potential partnership.
By RSS/ANI
