New Delhi [India], January 27 (ANI): Industry leaders from Europe and India have welcomed the signing of the India-European Union Free Trade Agreement (FTA), describing it as a positive and tangible step that opens new opportunities for businesses on both sides and signals a shift from prolonged negotiations to concrete action.

Speaking on the FTA, Executive Vice President - Industrial Relations at Oxea GmbH, Lars Eric Johansson, said that while the exact extent of benefits would become clearer over time, the agreement represents a strong and encouraging move forward.

'We don't know how much we will benefit, but of course it's extremely positive and it's a good sign and it's a very positive direction of moving in something tangible. In the past, there were a lot of discussions; now we have action. We appreciate that...,' Johansson said.

Echoing similar sentiments, Thomas Wolter, Managing Director of Krones Machinery India, said the agreement creates opportunities for both India and the European Union in an increasingly interconnected global economy.

'...I'm very happy that this agreement was announced today and gives a lot of opportunities to both sides. Not only the EU, but India, and especially when you take a look at the whole world, it really makes sense and very happy with this agreement,' Wolter said.

Highlighting the scale and significance of the trade pact, Jan Noether, Director General of the Indo-German Chamber of Commerce (IGCC), described the India-EU FTA as one of the most consequential trade agreements globally.

'It's going to help a lot. We have to imagine the mother of all free trade agreements. This trade agreement will include 2 billion people and span over one quarter of global GDP...,' Noether said.

FICCI President Anant Goenka said the India-EU FTA is poised to unlock substantial untapped trade and investment opportunities, enabling deeper market access, stronger value-chain integration, and enhanced export competitiveness across manufacturing and high-value sectors.

Ranjeet Mehta, CEO and Secretary General, PHDCCI, said, 'MSMEs stand to be major beneficiaries, especially sectors like textiles, apparel, and gems & jewellery, which have faced pressure from recent US tariffs.'

The agreement is expected to boost employment and manufacturing demand, with industry surveys indicating stronger hiring intentions in the coming quarters, Mehta added.

The India-EU Free Trade Agreement was concluded today after long negotiations and is expected to significantly enhance bilateral trade and investment ties, strengthen supply chains, and deepen economic cooperation between India and the European Union.

India and the EU successfully concluded negotiations of the landmark India-EU Free Trade Agreement (FTA) on Tuesday. The documents on the FTA conclusion were exchanged between EU Trade Commissioner Maros Sefcovic and Union Commerce Minister Piyush Goyal. This announcement marks a historic milestone in India-EU economic relations and trade engagement with key global partners.

According to the joint statement, this historic deal is a milestone in the India-EU Strategic Partnership that will significantly enhance bilateral trade and investment ties, drive shared prosperity, strengthen resilient and diversified supply chains, and support sustainable and inclusive growth.

The FTA comes after intense negotiations since the re-launch of negotiations in 2022.

The European Union is one of India's largest trading partners, with bilateral trade in goods and services growing steadily over the years. In 2024-25, India's bilateral trade in goods with the EU stood at Rs 11.5 Lakh Crore (USD 136.54 billion) with exports worth Rs 6.4 Lakh Crore (USD 75.85 billion) and imports amounting to Rs 5.1 Lakh Crore (USD 60.68 billion). India-EU trade in services reached Rs 7.2 Lakh Crore (USD 83.10 billion) in 2024. (ANI)