Europe Is Open For Trade With India & Other Countries: Olaf Scholz At WEF

Credits - WEF

German chancellor, Olaf Scholz at WEF emphasised that negotiations are likely to protect geographical indications, pursue ambitious commitments on trade and sustainable development and enforce the agreed rule.

Amid Europe’s deep integration into global markets, German chancellor, Olaf Scholz on Wednesday at the World Economic Forum (WEF) 2023 annual meeting, asserted the continent’s open gates for the international market and his supreme efforts to seal free trade agreements with India and other countries.

He added the successfully negotiated agreement with countries, Canada, Korea, Japan, New Zealand and Chile, and expected seal with MERCOSUR and Indonesia.

The chancellor highlighted Germany’s biggest trade partnership with India under the European Union and the relaunched free trade agreement negotiation with the country last year. Adding the separately negotiated investment protection agreement and an agreement on geographical indications (GIs).

He stressed that trade negotiations will help remove barriers and help EU firms, especially the smaller ones, raise their exports, broadening their services and public procurement markets.

He emphasised the negotiations are likely to protect geographical indications and pursue ambitious commitments on trade and sustainable development, ensuring the enforcement of the agreed rule.

Meanwhile, India is the European Union’s tenth largest trading partner with around a 2 per cent share in goods trade, with a reported trade between India and the EU of over 300 billion euros as of 2020, according to the report.

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