India can unlock $875 bn market with EU FTA

 

India’s proposed free trade agreement (FTA) with the European Union could unlock access to a USD 875 billion market and bring tariff parity with ASEAN peers as the country navigates a critical juncture in the evolving global trade landscape, according to Mr Rahul Jain, India-head, Boston Consulting Group (BCG). The global trade environment is undergoing a structural transformation where geopolitics and economic nationalism are becoming increasingly important. The traditional just-in-time supply chain model is giving way to a just-in-case approach, driven by vulnerabilities exposed during the pandemic and ongoing geopolitical tensions. India is uniquely positioned to benefit from this realignment, leveraging its strategic location, large domestic consumption base, favourable demographics, workforce and policy push towards manufacturing and technology-driven growth. This advantage becomes even more significant with the recent announcement from the United States to levy 50% tariffs on most Indian exports, he added, as per a report.

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