EU-India Ties on Ascending Trajectory with Growing Economic Footprint
The relations between EU-India are on an 'ascending trajectory' with an expanding economic footprint, Herve Delphin, Ambassador of the Delegation of the European Union to India, said. He added that at present, detailed negotiations on the FTA by and between the EU and India are underway for a foreseen boost in trade flows and economic cooperation.
Another important milestone was achieved when the FEBI held its first Annual General Meeting with the support of the EU Delegation in India and EU member state embassies. The Board of Directors with 14 elected members, key office bearers, and formal adoption were all approved at the New Delhi function on July 4.
According to informed sources, Remi Maillard, President and Managing Director of Airbus in India and South Asia, was elected the first President of FEBI. Sanjay Tiwari, Public Affairs Advisor to Maersk India Pvt. Ltd., and Oscar Esteban, President of the Indo-Spanish Chamber of Commerce, have reportedly been elected as Vice-President and Treasurer respectively.
EU-India relations have been on an ascending trajectory with an increasing economic footprint, he said, adding, "Over 4,500 European companies are present in India, providing 6.5 million direct and indirect jobs." Delphin further underlined that the EU is India's largest trading partner for goods, with two-way trade amounting to €123 billion in 2022-23. The EU is also one of the three largest investors in India. "The on-going Free Trade Agreement negotiations between the EU and India hold great promise for boosting trade flows and economy cooperation", he added.
He noted that this FEBI would play a key role in furthering EU-India economic and trade relations. "FEBI is going to bring a much-needed business perspective that will contribute to further expansion and bringing together the EU-India economic and trade ecosystem. It will be a true force multiplier", he said.
FEBI aims to maintain close and constructive relations with both Indian and European authorities. It is expected to become a 'credible intermediary' between governments and business, an 'advocacy place' for pro-business policies and solutions.
The current membership of FEBI is 73 companies from different EU member states operating in India across 10 sectors: aerospace, automotive, agri-food products, chemicals and pharmaceuticals, consumer and luxury goods, finance and insurance, telecom and ICT, digital trade, machinery and capital goods, energy and renewables, and transportation and logistics. The organization is in the process of expanding its membership.
The purpose of FEBI is to articulate the collective business interests of EU companies in India and facilitate growth in trade and investment between the EU and India. It is an honor as much as a responsibility to head FEBI at its creation as its first president. FEBI would work as a platform between Europe and India to increase bilateral trade and investment. The rapid expansion of India was offering huge opportunities for European companies to grow here in a symbiotic way.
On his confirmation as president of FEBI, Maillard said, "We will work with our Indian and EU stakeholders and industrial partners to make sure that trade opens up more opportunities, therefore helping both regions grow together".
With the EU and India looking to integrate their economies further, organizations like FEBI shall be on the forefront in driving cooperation between European business and the Indian market. Current FTA negotiations and efforts that FEBI is making in a very proactive way show commitment to the development of a strong and mutually beneficial economic partnership.