EU-India deal can unlock shared prosperity, Cowen says
Fianna Fáil MEP for the Midlands North-West Barry Cowen this morning told leading representatives of India’s business community that a new EU-India trade and investment agreement offers the chance to “unlock a generation of shared prosperity” if both sides tackle barriers realistically and build genuine partnership.
MEP Cowen, who is in New Delhi this week as part of a European Parliament International Trade Committee (INTA) mission, made the remarks during a meeting with the Federation of European Business in India (FEBI) and senior executives from companies across the automotive, medtech, agrifood, technology and spirits sectors. The meeting included representatives from Pernod Ricard, BMW, Philips, Siemens Healthineers and Skandinaviska Enskilda Banken AB.
The Fianna Fáil MEP said this morning’s discussions focused on how the long-awaited EU-India Free Trade Agreement (FTA) and Investment Protection Agreement (IPA) could enhance trade, investment and innovation. MEP Cowen noted that while finalising a deal in the months to come would require both sides to confront challenges - tariffs and quality-control orders, complex regulatory alignment - a properly designed pathway could deliver progress in critical areas such as food production, clean energy and digital services.
Earlier this morning, the delegation of MEPs from the European Parliament’s International Trade Committee was briefed by the EU Ambassador to India, H.E. Hervé Delphin, who outlined the scale of European business engagement in India: EU-India trade in goods and services now stands around €180 billion annually and EU companies directly employ more than 3 million people in India. Ambassador Delphin confirmed that both the FTA and the IPA are advancing, though a number of obstacles remain.
Also this morning, MEP Cowen met Irish Ambassador to India Kevin Kelly, with the pair discussing shared priorities between Ireland and India and acknowledging the important contribution of the Indian community to Irish life and the economy. The Indian Ministry of External Affairs estimates the population of overseas Indians in Ireland to stand at approximately 60,000.
“India stands to gain massively from a fair and balanced trade deal with Europe. Together, we represent a quarter of the world’s population and around 25 % of global GDP. The potential to strengthen prosperity, sustainability and innovation on both sides is enormous - but it depends on a relationship built on predictability and trust. Over the coming days of this trade mission, I look forward to listening to India’s business community and Government Ministers, not lecturing them,” Cowen said.
“For Ireland economically, this deal matters deeply. Spirits exports to India, for example, have already grown ten-fold in five years and there’s scope for much more if tariffs are reduced - at least to the levels secured in the UK’s recent deal. Our dairy, nutrition and agri-food industries are ready to scale up further if a level playing field is secured. This is about jobs, innovation and resilience across Europe.
“India is a former colony which understandably wants to know if the EU is a trusted partner. We must show that we are. That means recognising the country’s development journey and establishing a clear pathway towards regulatory alignment - something we are aware cannot happen overnight. Agreements must be ambitious but also realistic and protective of key Irish sectors, including agriculture.”