India Emerges as a Winner in EU Trade Deal, Says Trump Administration
New York- The recently finalized trade agreement between India and the European Union has drawn attention from the Trump administration, with US Trade Representative Jamieson Greer expressing his views on the deal. According to Greer, India stands to benefit the most from this deal, gaining increased market access into Europe.
Greer highlighted the advantages for India in terms of market access and potential immigration rights for Indian workers in Europe. He emphasized India’s low-cost labor as a key factor contributing to its favorable position in the trade agreement.
Commenting on the broader implications of the deal, Greer noted the EU’s shift towards global trade partnerships, contrasting the US focus on addressing domestic production issues. He pointed out that the EU’s engagement with India reflects the need for alternative markets amid evolving global trade dynamics.
Addressing concerns about tariffs on Indian imports, Greer mentioned the ongoing discussions regarding the 25% tariff on Russian oil purchases by India. He underscored the need for India to align with US sanctions policies while acknowledging the challenges posed by proximity and cost factors in sourcing oil.
The trade agreement between India and the EU is poised to create a substantial market encompassing two billion people. The strategic collaboration outlined in the agreement aims to strengthen trade and defense ties, emphasizing the importance of upholding the rules-based international order.
Key highlights of the agreement include provisions for security cooperation, defense collaboration, and enhanced mobility for Indian talent in Europe. The agreement is expected to significantly reduce tariffs on a wide range of products, benefiting sectors such as textiles, apparel, leather goods, and marine products in India, while offering opportunities for European industries in areas like wine, automobiles, and pharmaceuticals.
