Cowen welcomes landmark EU-India free trade deal

Fianna Fáil MEP for the Midlands North-West Barry Cowen, has welcomed the conclusion of negotiations on a landmark Free Trade Agreement between the European Union and India.

The agreement, the largest free trade deal ever concluded by either side, will create a free trade zone covering almost two billion people and is expected to significantly increase EU exports to the world’s fastest growing large economy. It will deepen economic and political ties between two of the world’s biggest democracies at a time of rising geopolitical and economic uncertainty.

The deal will see tariffs eliminated or reduced on the vast majority of EU goods exports to India, with particularly strong gains for sectors such as the drinks industry, machinery, pharmaceuticals, financial services and agri-food. Indian tariffs on products like wines, spirits and olive oil will fall substantially, while sensitive European agricultural sectors will remain protected.

Mr Cowen, a member of the European Parliament’s International Trade Committee and Agriculture Committee, has been actively engaged on EU-India relations and has participated in a recent trade mission to New Delhi and parliamentary work focused on advancing the negotiations.

He said the agreement has clear potential for Irish industries including spirits, medtech and food and drink, while also strengthening Europe’s ability to diversify trade relationships beyond an increasingly volatile global environment.

The negotiated text will now undergo legal and technical finalisation before being submitted to the European Parliament for consent and to the Council for approval.

“This is a genuinely historic agreement. It sends a powerful signal that rules-based trade, openness and partnership between democracies still matter and still deliver.

“For Ireland, the opportunities are significant. Our spirits sector, medtech industry, pharmaceutical exporters and many agri-food producers stand to gain from better access to a vast and rapidly expanding market.

“At the same time, I will continue to push for a fair and balanced implementation that protects sensitive sectors, maintains high EU standards and ensures the benefits of this agreement are felt across all regions and industries," Barry Cowen MEP said.