States » EastPosted at: Nov 14 2026 9:19PM


India must forge 'new economic space order' via landmark FTA with EU, says Paquet

Shillong, Nov 14 (UNI) European union (EU) Ambassador to India Jean-Eric Paquet has called on New Delhi and Brussels to leverage their upcoming Free Trade Agreement (FTA) to withstand growing global trade and geopolitical pressures.

Speaking during an interaction on the sidelines of the European union Film Festival here in Meghalaya, Paquet underscored that India and the EU must work together to build a "new economic space order" amid fierce headwinds from US tariffs, China's coercive economic policies, and ongoing wars.

He said India and the European union are poised to sign their landmark FTA this December—a pact that will grant Indian goods overnight zero-tariff entry into Europe and create a combined economic space of two billion people.

If the FTA is signed, Indian exports will immediately gain zero-tariff access to the European market, while goods entering India from the EU will see an average 50 per cent tariff reduction, followed by progressive cuts over time.

In terms of the cost of doing business with Europe, it is a massive change," Paquet said, noting that cheaper European machinery and intermediate goods will significantly boost Indian manufacturing and help businesses de-risk and strengthen their supply chains.

While acknowledging the vital historical role played by the United Nations and other international bodies in serving humanity, Paquet said that the "rules-based economic order is under immense pressure all over the world" due to American tariffs, Chinese economic dominance, the ongoing war between Russia and Ukraine, and turmoil in East Asia.

He emphasised that global trade cannot simply allow the "big guys" to always get their way. Instead, he called for "settled rules where we can cooperate together, create value, and look into the future."

Describing free trade agreements as the "smart way for addressing these turmoils", Paquet stressed the need to preserve an open economic space for nations, adding that India and the EU are establishing a strategic framework of settled rules for long-term cooperation.

Pointing to critical minerals as a prime example, the ambassador explained that the FTA would enable both partners to counter the "coercion and dominance of China over critical minerals."

Although the EU conducts limited domestic mining, Paquet said that the bloc possesses advanced technological expertise in environmentally friendly extraction that can be shared with India.

Beyond trade, the EU envoy highlighted India's recent entry into the EU's flagship research programme, Horizon Europe, as a major avenue for joint scientific and engineering innovation, adding that combining European engineering heritage with India's young talent pool opens boundless opportunities for collaboration.
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