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Business EconomyPosted at: Sep 20 2016 5:50PM


India-EU FTA to be resumed soon: German Ambassador to India

New Delhi, Sep 20 (UNI) Citing Free Trade Agreement (FTA) between India and European Union (EU) would be a strategic interest for his country, German Ambassador to India Martin Ney today said the FTA negotiations would be resumed very soon as it would be beneficial for India too.
Addressing the media persons on Germany’s contribution to ‘Make in India’ and Indo-German economic relations, Mr Ney said, “Negotiations on FTA will be resumed soon as India has potential to become manufacturing hub of the world but it needs skilled work force.”
On new FTA, Mr Ney said, “I see protectionist reflects here. The new FTA is in India’s interest and Indian industry should aim for world class standard. India needs to write rules of globalisation and if India doesn’t join hands then somebody else will do.”
On Smart city, the ambassador added, “Germany will develop three Indian cities which include Bhubaneswar, Coimbatore and Kochin. I have visited these cities in the month of July to kickstart the process.”
Asked over impact of Brexit, Mr Ney said, “I shall only say that the growth in UK has been drastically slowed down while the case with EU is not same. There is negative repercussion on UK and not on us. Britain needs to put in place article 51 for Brexit to start.”
He also appreciated the Indian government for passage of Goods and Services Tax (GST) and said it would attract more investments. However, Mr Ney added that beyond GST, the reliable tax regime is crucial for attracting investments, so clarity is must.
Mr Ney also briefed on the broader developments in the economic ties between Germany and India.
“In 2015, German exports to India stood at roughly 9.8 billion Euros. But trade is not a one-way street: Indian deliveries to the German mechanical engineering sector have increased by more than six percent to 280 million euros in the first six months of 2016.”
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