 "Brexit has not changed anything for the time being: Tomasz Kozlowski")
How important is EU-India trade and investment?
India is an important trade partner for the EU and an emerging global economic power. The country combines a sizeable and growing market of more than one billion people. The value of EU-India trade in goods grew from ^28.6 billion in 2003 to ^77.3 billion in 2015. If we add the services part, total trade has exceeded ^100 billion a year. The EU investment stock in India was ^38.5 billion in 2014.
What is the impact of Brexit on India and the EU?
From a legal point of view, the outcome of the referendum has not changed anything for the time being. The UK remains a member of the EU with all rights and obligations of a member state until the terms of its exit are agreed. EU law, including EU trade agreements, continue to apply in full to the UK until it is no longer a member.
We continue with our ambitious trade agenda with partners around the world, including India. Trade is vital for the prosperity of the EU, whether it has 28 or 27 member states. It is the world's largest trader and it will continue to be India's first trading partner, so the economic rationale to engage with the EU remains important. Trade and investment relations remain key components of the EU-India strategic partnership. The EU’s agenda for jobs, growth, fairness and democratic change and India’s sabka saath, sabka vikas initiatives create new opportunities for mutually beneficial cooperation between people and businesses on both sides.
Will Brexit have an impact on future investment and expansion decisions by Indian companies?
EU member states rank high in the ease of doing business and offer excellent opportunities for trade and investment. Having said that, investment decisions are matters for consideration for private operators and they will have to look closely at the evolving situation and the benefits of alternative strategies.
What is the status of the free trade agreement?
The EU and India have expressed their commitment to conclude the comprehensive free trade agreement.
The EU’s Trade Commissioner Cecilia Malmstrom had met Minister Nirmala Sitharaman in the margins of the World Trade Organisation meeting in Paris on June 2 and both sides reconfirmed their willingness to continue the process. Chief negotiators from both sides will meet in the coming days in India and we hope that the process will receive a new impetus.
Will the Brexit impact the negotiations?
As stated, the EU has a responsibility to its citizens to maintain an active and open trade policy and there has been no change to the legal position of the UK in the EU since June 24 when the UK Referendum took place. Our preparatory work for potential future negotiations continues.
Will the FTA be a reality?
It is in the interest of both sides that we conclude an ambitious and comprehensive trade agreement. This is not a zero-sum game where one party gains at the expense of the other. This is why leaders from both sides have expressed their willingness to take discussions further.