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00:00Commissioner, the deal with India finally it's happened. It's been sealed.
00:05What are the benefits for the European industry?
00:07I think that first and foremost, you have to say this is...
00:10really mega deal. I mean, they're talking about the massive agreement between the two of them.
00:15It's one of the largest economies on this planet, so we are creating the market for almost two billion...
00:20customers with a massive trade. And I think the major benefits for Europe...
00:25companies is that first and foremost, by really cutting...
00:30massively, the current tariffs. We are opening new sectors, which until now are completely close to...
00:35the European exports. And in terms of the tariffs, because they have been cut across the...
00:40board, obviously, this is a country and a market that was very protected by the Indian authorities.
00:45When do you expect the impact of this deal? Of course, because ultimately it's about what you can deliver to be really...
00:50felt and seen by European companies. Because we are really talking about the respective cut in tariffs.
00:55in terms of tariffs by 97 to 99%. And we discussed it was actually...
01:00the last point on negotiations with my good friend and colleague, Trade Minister Piuszko.
01:05that we need to implement it as soon as possible. So we'll try to accelerate the ratification process.
01:10on both sides. So hopefully by 2027, the both of the...
01:15businesses in India and Europe can already benefit from this very important agreement.
01:19So you expect...
01:20you expect this deal to be operational by next year? It's a matter of months.
01:23That would be a strong preference, yeah.
01:25Yes. And do you think you can get that done? Obviously, there's a process that will come with it.
01:28Of course. It's not always easy. Of course.
01:30So that... this is what I was explaining yesterday. We need to do legal scrubbing. We need to do our European trust.
01:35But I would say that current trade turmoil.
01:40on the global scene is really requiring us to move much faster.
01:45to really speed up the processes. And I will do my best to talk with both.
01:50member states in the Council and European Parliament that this deal really merits special...
01:55attention and we need to do it as fast as possible. And Commissioner, what made the Indians...
02:00finally agree to this? Because you tried multiple times, never quite worked at the end of last year.
02:05It seemed like it was almost there, but didn't really manifest. What do you think made the Indians go,
02:09this is the right time?
02:10We cannot waste more time.
02:11I think that last year, and I felt really the...
02:15the needed attention from both sides. We created the momentum.
02:20by the visit of the College of Commissioners to New Delhi last year and we...
02:25both understood that the relationship between European Union and India is really strategic.
02:30basically, I would say, the cooperation between us, the opening of the commercial...
02:35and trade ties will really create the huge opportunities for both of us.
02:39So I think what did...
02:40I think the trick in the end was that we started with a new philosophy.
02:43We just being very clear about...
02:45the fact that if this is sensitive for you, let's not touch it.
02:48Okay. That's a game changer in a way.
02:50Yeah.
02:50Because when we look at the red lines, they have said that agriculture, that's a market where they're local...
02:55producers will always go first. The same applied obviously to Darien and Green.
02:59So the new...
03:00approach from the European Union will say, if it's delicate, we don't touch it. Let's look at the other opportunities.
03:05Exactly.
03:05Exactly.
03:06So...
03:07and we both agreed that from our side...
03:10that we would treat as Indian-sensitive commodity...
03:14the dairy...
03:15and rice...
03:16and from their side towards us, it's our traditional...
03:20commodities...
03:21commodities...
03:22like...
03:23like...
03:24like beef...
03:25sugar...
03:26and...
03:27all trade.
03:28And you say this is the mother of all trade deals because...
03:30the access to a market of...
03:31well...
03:32more than a billion people ultimately...
03:34but are there...
03:35any regrets?
03:36Something that you wish...
03:37I wish we'd gotten this in the deal but we couldn't make it in the end.
03:40I think you cannot work with regrets here because it's very complex agreement.
03:44So I think...
03:45I mean...
03:45we...
03:46we had...
03:47lots of interaction with our Indian partners.
03:50also during...
03:51this visit...
03:52to India.
03:53Everyone is very pleased and I can say that...
03:55it's...
03:56also on...
03:57on the other side...
03:58the fact that...
03:59current trade...
04:00which is on the level of 180 billion euros can be...
04:04can be...
04:05can be multi...
04:05and doubled already within five, six years that the number of jobs
04:10which the European companies are creating in India, and the number is already huge.
04:157 million could be also multiplied as well as job in Europe because more than 800.
04:20thousand people have currently the jobs in Europe thanks to the exports to India.
04:25So all these are such a significant numbers that in the end there are no regrets and I think...
04:30that we also looked to the future. So we made this agreement as future proof.
04:35as possible because we know that India is very dynamic market.
04:38They have growth between seven to eight percent.
04:40And we agreed that we will have regular review clauses.
04:43How can we further improve?
04:45That agreement?
04:46What fear has been confirmed?
04:48What concerns have really materialized?
04:50What we can improve?
04:51And I believe that this would be such an ongoing process because we both want to be part of...
04:55our own successes.
04:56And how much of an impact did President Trump have on the timing of the deal because...
05:00the Indians are operating under a 50 percent tariff regime.
05:03They themselves say that it's...
05:05incredibly difficult to do business with the United States in that context.
05:09It's almost impossible.
05:1050 percent.
05:11How much of an impact do you believe that that tariff threat had on this deal?
05:15I have to say, as I already recall sometimes, that indeed...
05:20my phone is ringing all the time because everyone feels that...
05:25the true partnership in the field of trade and economic...
05:30cooperation these days is very important that everyone wants to hedge against the instability.
05:35and I believe that the strife for predictability, for stability, for...
05:40the financial advantages deal is very strong and I felt it from our Indian partner.
05:45and they clearly felt it from us because I mean for both of us this is a win-win agreement and...
05:50I'm sure that it will bring us better sleep in the night, more opportunities for...
05:55tomorrow and we are confidently opening a new chapter in our mutual relations.
05:58And Commissioner, is there value in being...
06:00polite, respectful, perhaps not calling your partners weak and decaying?
06:05Has that changed something at the negotiating table?
06:07I think it's...
06:08it was always my style and...
06:10being from the small country...
06:13and India, of course, is a big, big country.
06:15but being from the small country, I know how it is appreciated...
06:18where you are polite, where you listen...
06:20to your partner concerns and when you...
06:23when you want to put yourself...
06:25in your partner's shoes because in the end the good deal is when...
06:30both partners are happy when you do not feel pushed, pressured and when you sell it...
06:35with a positive attitude and I believe that this is happening right now and...
06:38and we have...
06:40multiple...
06:41multiple...
06:42level relationship.
06:43There is excellent relationship between the leaders...
06:44both.
06:45President von der Leyen and President Kostar here...
06:47they have cordial relationship with the Prime Minister...
06:50I am on a regular talking basis...
06:53not only with the Minister...
06:55of Trade but also with Minister for External Affairs...
06:57with Madam Minister for Finance...
06:59and many colleagues...
07:00so I think we kind of created the platform...
07:03and the fabric which I believe will help...
07:05help us very much in the future...
07:06to get the best possible...
07:08effect from this deal.
07:10And just as two final questions...
07:11of course the European Union cut a deal...
07:13and you talk about this...
07:14term...
07:15in global markets...
07:16with the United States...
07:17for 15%...
07:18as you know that deal was criticized...
07:19you continue to...
07:20to defend it...
07:21and you say...
07:22it was the best possible deal...
07:23but of course we saw...
07:24with Greenland...
07:25there was this...
07:25threat of another 10%...
07:26do you believe...
07:27really believe...
07:28that you have stabilized...
07:29the relationship...
07:30when it comes to the US...
07:31or actually...
07:32this is going to be...
07:33an ongoing process?
07:34I think that...
07:35again...
07:36I would quote...
07:37the President of the European Commission...
07:39my boss...
07:40deal is a deal...
07:41this is how we...
07:42this is how we...
07:43how we approach it...
07:44So it was final...
07:45a deal is a deal...
07:45deal is a deal...
07:46this is how...
07:47this is how we approach it...
07:48and...
07:49we want to implement it...
07:50I'm convinced...
07:51that under the circumstances...
07:52we negotiated...
07:53it was the...
07:54the best deal possible...
07:55and I can compare...
07:55the notes...
07:56with many of my colleagues...
07:57and I'm still...
07:58very strongly behind...
07:59that...
08:00that statement...
08:01but we've been also...
08:02very clear...
08:03that...
08:04if it comes to...
08:05territorial...
08:05integrity...
08:06you're not weak...
08:07of course...
08:08that we are not weak...
08:09it's...
08:10it's very important...
08:10and on this question...
08:11there is...
08:12there is absolute...
08:13and total European unity...
08:14and finally...
08:15you have a...
08:15portfolio now...
08:16that is...
08:17strategic...
08:18for the European Union...
08:19some would argue...
08:20you've become now...
08:20one of the most...
08:21powerful...
08:22men...
08:23in Brussels...
08:24I'm not sure...
08:25if you take that...
08:26as a good thing...
08:27or actually...
08:25it's gonna keep you...
08:26up at night...
08:27but...
08:28the goal now...
08:29is to turbo charge...
08:30trade relationships...
08:31go on...
08:30conquer new markets...
08:31and do it fast...
08:32what's next...
08:33for the European Union...
08:34I think if we...
08:35look at the last year...
08:36indeed...
08:37I can say that our...
08:38trade policy was...
08:39turbo charge...
08:40I would...
08:42just...
08:43highlight the fact...
08:44that we...
08:45manage...
08:45also very difficult...
08:46negotiation...
08:47with Switzerland...
08:48and agreements...
08:49we are opening...
08:50some new...
08:51opportunities...
08:52with the UK...
08:53I am travelling...
08:54there already...
08:55next week...
08:55but I think...
08:56very...
08:57remarkable...
08:58and good agreement...
08:59we concluded...
09:00with Indonesia...
09:00the biggest...
09:01Muslim country...
09:02and again...
09:03they are extremely...
09:04pleased...
09:05and we are as well...
09:05with the results...
09:06we concluded...
09:07the agreement...
09:08with Mercosur...
09:09now we have...
09:10this mega deal...
09:12with India...
09:13and...
09:14of course...
09:15we still have...
09:16very...
09:17very active...
09:18agenda...
09:19we are talking...
09:20to the GCC...
09:21countries...
09:22they are talking...
09:23in...
09:24Malaysia...
09:25and...
09:26I know...
09:27that also...
09:28Australians...
09:29are interested...
09:30in...
09:32Spain...
09:33Thank you...
09:34it's...
09:35to...
09:36be...
09:37to...
09:38Brazil...
09:39Brazil...
09:40Brazil...
09:41Brazil...
09:42Brazil...
09:43Brazil...
09:44Brazil...
09:45India...
09:46Brazil...
09:47Brazil...
09:48Brazil...
09:49Brazil...
09:50Brazil...
09:51Brazil...
09:52you know, let's look at it again.
09:53Does it really have to take so long?
09:55Can it be accelerated?
09:57Can it be, let's say, more flexible from both sides?
10:00And it happened.
10:02One example I can say that after we concluded the negotiation,
10:07and we flew, it was our first foreign trip with my new portfolio to Mondeville.
10:12Then over the Christmas, we negotiated the deal with Mexico,
10:15and I hope that...
10:17Again, it will be fully ratified before the summer break.
10:20So we have a series of the...
10:22big deals with very strong, big economies.
10:25And I think it just reflects...
10:27that Europe as a biggest trader has a good reputation,
10:30that we are credible, that we are stable.
10:32And we always conclude the deals which are good for both...
10:37parties, and I can demonstrate on the numbers that there is not one single.
10:42free trade agreement, which we signed,
10:43which didn't lead to dramatic increase of trade investment.
10:47And it's good for both of us.
10:49So we are happy without the trade deals, and that's...
10:52I think the invitation and calling card for others.
10:54Let's do the deal with Europe.
10:55So you don't think it's the end of the month?
10:57Is it a multilateral trade?
10:57No, I'm absolutely convinced that this will continue.
10:59Some argue it is.
11:00We're going back to very rough...
11:02tough politics that's that's true that i mean i i don't think that
11:07i personally work in such a rough season especially in trade
11:12uh very strong transactionalism but i think that uh through this new partnership we are
11:17kind of providing the counter argument to this might makes right
11:22to the power politics which is so present in the in a global discourse right
11:27now and i i see how our partners value the partnership and fair approach
11:32well we'll be seeing you around the world then on that note commissioner thank you very much for
11:35joining us thank you very much
11:37having me
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