Cowen welcomes historic EU-India trade deal as major win for Irish exporters and European jobs

[ad_1] Fianna Fáil MEP for the Midlands North-West and member of the European Parliament’s Worldwide Commerce Committee, Barry Cowen, has in the present day (27 January) welcomed the conclusion of negotiations on a landmark Free Commerce Settlement between the European Union and India, describing it as a historic second for Europe’s exterior commerce coverage and a serious strategic alternative for Eire.

The settlement, the most important free commerce deal ever concluded by both facet, will create a free commerce zone overlaying virtually 2 billion individuals and is predicted to considerably improve EU exports to the world’s fastest-growing massive economic system. It'll deepen financial and political ties between two of the world’s greatest democracies at a time of rising geopolitical and financial uncertainty.

The deal will see tariffs eradicated or decreased on the overwhelming majority of EU items exports to India, with significantly robust positive aspects for sectors such because the drinks trade, equipment, prescription drugs, monetary providers and agri-food. Indian tariffs on merchandise like wines, spirits and olive oil will fall considerably, whereas delicate European agricultural sectors will stay protected.

Mr Cowen, a member of the European Parliament’s Worldwide Commerce Committee and Agriculture Committee, has been actively engaged on EU-India relations and has participated in a current commerce mission to New Delhi and parliamentary work targeted on advancing the negotiations.

He stated the settlement has clear potential for Irish industries, together with spirits, medtech and food and drinks, whereas additionally strengthening Europe’s means to diversify commerce relationships past an more and more risky international atmosphere. The negotiated textual content will now bear authorized and technical finalisation earlier than being submitted to the European Parliament for consent and to the Council for approval.

Barry Cowen MEP stated: “This can be a genuinely historic settlement. It sends a strong sign that rules-based commerce, openness and partnership between democracies nonetheless matter and nonetheless ship.

“I used to be happy to play my very own half in supporting the event of this deal via current engagement with Indian counterparts and thru my work on the Worldwide Commerce Committee. There may be actual political and business momentum behind nearer EU-India ties.

“For Eire, the alternatives are important. Our spirits sector, medtech trade, pharmaceutical exporters and plenty of agri-food producers stand to achieve from higher entry to an enormous and quickly increasing market.

“On the similar time, I'll proceed to push for a good and balanced implementation that protects delicate sectors, maintains excessive EU requirements and ensures the advantages of this settlement are felt throughout all areas and industries.”