Davos. Germany’s Chancellor Olaf Scholz said Europe is open to international trade and is trying its best to conclude Free Trade Agreements (FTAs) with India and some other countries. Significantly, the European Union has re-opened negotiations for an FTA with India last year. In addition, separate negotiations are underway between the two sides for an investment protection agreement and an agreement on Geographical Indications (GI). Germany is one of India’s largest trading partners within the European Union.
In a special address at the World Economic Forum (WEF) Annual Meeting 2023 here on Wednesday evening, the Chancellor said, “We have successfully negotiated free trade agreements with Canada, Korea, Japan, New Zealand and Chile. I am doing my best to ensure that soon new countries join it – India, Indonesia and some South American countries. We are also ready to discuss a tariff agreement for the industrial sector with the US, he said. The European Union is India’s third largest trading partner.
It had about 11 percent share in the total Indian trade in the year 2021. India, on the other hand, is the 10th largest trading partner of the European Union. Scholtz said the transition to a climate-resilient economy is the most important task of this century, and the Russian war has accelerated that process. He said that within months of the start of the war, Germany ended its dependence on Russian gas, oil and coal.
“Early fears of energy shortages, especially in winter, have proved unfounded and we have forged new partnerships with Asia, Africa and the Americas, which have reduced our dependence,” he said. Regarding modern immigration law, Scholtz said, “If we want to remain competitive as a leading industrial nation, we need experienced doctors, qualified engineers and business people.” Are ready for, welcome to Germany.
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