Stating that the aerospace sector traditionally benefits from a like-for-like tariff framework under free trade agreements, Westermeier said he expects the proposed India-European Union (EU) Free Trade Agreement (FTA) to unlock greater trade, manufacturing and innovation opportunities across sectors.
Citing a recent study, he said more than 95% of EU companies plan to expand in India over the next five years, supported by the proposed India-EU FTA. He identified manufacturing and supply chains, technology and digital innovation, and research and development (R&D) as key areas of collaboration.
Speaking on the sidelines of an event organized by the Federation of European Business in India (FEBI), where he serves as President, Westermeier told CNBC-TV18’s Abhimanyu Sharma that tariff rationalization under the FTA could trigger a manufacturing revolution across multiple sectors in India through increased investments by European companies.
He added that India and the EU already share partnerships in security and defence, while the proposed FTA could also boost commercial aircraft trade under a global “zero-for-zero” tariff regime.
Westermeier further said that a “security of information agreement” is also being negotiated between India and the EU.
