EU Ambassador Highlights India’s Growing Importance
FEBI Launch Event in Delhi
On October 12, EU Ambassador to India, Herve Delphin, spoke at the launch of the Federation of European Business in India (FEBI) in Delhi. He emphasized India’s increasing geostrategic and geo-economic importance, noting the steady growth of EU-India trade, which has been increasing at over 10% annually.
EU-India Trade Relations
Delphin highlighted that the EU is India’s largest trading partner in goods, accounting for 12% of India’s total trade, and a major source of foreign direct investment (FDI), representing 21% of total FDI in India. He noted that around 4,500 EU companies in India provide jobs to 6.7 million Indians, contributing significantly to the economy.
FEBI’s Role
FEBI, as the EU’s official Chamber of Commerce in India, aims to advocate for European businesses and promote closer trade relations. Delphin stressed the importance of creating a pro-business environment to attract more European investment, which would lead to increased manufacturing and job creation in India.
Future Trade Goals
Delphin called for stronger trade ties, suggesting that EU-India trade should be significantly higher than current levels. He emphasized the need for both parties to make mutual concessions in trade policy to establish a meaningful Free Trade Agreement (FTA).
Doubts Revealed
EU Ambassador -: An EU Ambassador is a representative of the European Union, which is a group of countries in Europe that work together on various issues. The ambassador helps to build and maintain relationships between the EU and other countries, like India.
Herve Delphin -: Herve Delphin is the name of the person who is currently the EU Ambassador to India. He represents the European Union in India and works on strengthening the relationship between the EU and India.
FEBI -: FEBI stands for the Federation of European Business in India. It is an organization that aims to promote business and trade between European countries and India.
Geostrategic -: Geostrategic refers to the strategic importance of a country or region in terms of its location and influence on global politics and economics. India’s location and growing influence make it important in global affairs.
Geo-economic -: Geo-economic refers to the economic importance of a country or region in the world. It involves how a country’s economy affects and is affected by global economic trends and policies.
FDI -: FDI stands for Foreign Direct Investment. It is when people or companies from one country invest money in businesses or projects in another country, like European companies investing in India.
Free Trade Agreement -: A Free Trade Agreement is a deal between countries to reduce or remove barriers to trade, like taxes on imports and exports, to make it easier for them to buy and sell goods and services to each other.
