NEW DELHI: US treasury secretary Scott Bessent on Wednesday said he was "disappointed" by Europe's decision to conclude a major trade agreement with India, claiming it showed the EU had prioritised commerce over the interests of the Ukrainian people.
Bessent alleged that European countries had been buying refined products produced in India using sanctioned Russian oil supplies and were unwilling to align with Washington’s stance because they were separately negotiating a trade pact with India, news agency Reuters reported.
The remarks come a day after India and the European Union sealed a landmark free trade agreement, with Prime Minister Narendra Modi and top EU leadership unveiling a five-year agenda aimed at expanding trade and defence cooperation as part of a broader push to protect a rules-based global order.
Meanwhile,
PM Modi described the India-EU pact as "historic", saying it would accelerate the
Atmanirbhar Bharat campaign, strengthen the resolve of 'Make in India, Make for the World', and open "countless opportunities" for India’s youth.
Addressing the annual National Cadet Corps (NCC) PM rally in Delhi, PM Modi said the world was describing the agreement as the "mother of all deals" and a "game-changer", asserting it would mean "freedom to aspire" for young Indians. He said sectors in the creative economy including film, gaming, fashion, digital content, music and design were expected to gain from the deal, along with research, education, IT and other professional services.
The India-EU FTA is expected to create a market of nearly two billion people, representing around one-fourth of global GDP and one-third of world trade. As part of the summit, the two sides also signed pacts on security and defence collaboration and mobility of Indian talent to Europe.
PM Modi said tariffs on more than 99% of India’s exports to the EU would be eliminated or reduced significantly, benefiting sectors such as textiles, leather, gems and jewellery, footwear and engineering goods. He said the pact would provide weavers, artisans, MSMEs and small entrepreneurs direct access to EU markets.
The agreement is also expected to boost investment into India and lead to new manufacturing capacity in areas like engineering, electronics, chemicals and pharmaceuticals, while creating stronger markets for agriculture, food processing and fisheries, Modi said. He added that the pact could open up job opportunities for Indian youth in 27 EU countries, particularly in engineering, green technology, design, logistics and advanced manufacturing.
EU members include France, Germany, Italy, Spain, the Netherlands, Sweden, Austria, Belgium and Denmark among others.
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less
Start a Conversation
Post comment