THE UK’s exit from the European Union (EU) will hardly make any adverse impact on trade commitments, investments, and trade facilitation on Indian investments in the 28 nations union, a top EU official said on Friday (5) in New Delhi.
The EU ambassador to India HE Tomasz Kozlowski said: “The trade between India and Europe could grow manifold with an early conclusion of India.”
Trade facilitation measures along with trade reforms for goods and services coming to India from the EU should be promoted to make sure that its ‘Make-in-India’ slogan evolves for ‘Make for World’ also, Kozlowski added.
The EU ambassador was speaking at a conference organised by the Indian industry body -PHD Chamber of Commerce and Industry.
Dr Anju Kumar, joint secretary at India’s ministry of external affairs said: “India enjoys robust relations with both the EU and the UK, in this scenario, Brexit is unlikely to make any adverse impact on India’s economic and trade relations with the two.”
An enhanced trade facilitation and lower tariffs between India and the EU have potential to boost bilateral trade from £108 billion (2017-18) to £153bn by 2022, said PHD Chamber of Commerce and Industry in a release.
Kozlowski opined that India and the EU should work in close partnership for emerging and rule based global economic order with the spirit of multilateralism in various fora and particularly so in G-20 and World Trade Organization (WTO) to reshape and rebuild the emerging global economic order.