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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.
01:23By next year. That 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 that we need to do legal scrubbing. We need to do our European...
01:34just...
01:35in terms of sitting in print...
01:36We want to share that...
01:36To make sure that there is no waste of use specifically for overseas spendâŠ
01:38that they are growing.
01:38Now we're going to keep going with them on
01:39so we can eat from a control system.
01:40There are always lots of grocery counters.
01:41I would say that,
01:42maybe?
01:44The RoyalrĂłiff is not suitable for time off empresarial staff but I would say that
01:45I would say that current trade...
01:47I would say thatÏ
current trade turmoil.
01:51I would say thath current trade turmoil 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
02:08go this is the right time
02:10we cannot waste more time. I think that that last year and I and I felt really the
02:15the needed attention from both sides we created the momentum
02:20by the visit of college of commissioners to new delhi last year and we
02:25both understood that the relationship between european union and india is really strategic that seemed
02:30and ultimately I would say the cooperation between us opening of the commercial and
02:35trade ties will really create the huge opportunities for both of us. So I think what did
02:40the trick in the end was that we started with a new philosophy we just being very clear about
02:45the fact that if this is sensitive for you let's not touch it. Okay that's a game changer in a way.
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 dairy and green. So the new pro
03:00approach from the european union will say if it's delicate we don't touch it let's look at the other opportunities. Exactly.
03:05Exactly. So and we both agreed that from our side.
03:10that we would treat as indian sensitive uh commodity uh the dairy.
03:15the dairy and rice and from their side towards us it's our traditional uh
03:20uh commodities uh commodities uh like uh like uh like uh like beef.
03:25like sugar and all trade deals because
03:30like sugar and all trade. And you say this is the mother of all trade deals because
03:30the access to a market of uh well more than a billion people ultimately. But are there
03:35any regrets? Something that you wish? I 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. So I think I mean
03:45uh we we had uh lots of interaction with our Indian partners.
03:50partners also during uh this visit uh to India. Everyone is very pleased and I can say that it.
03:55It's also on the other side.
03:58The fact that current trade...
04:00which is on the level of 180 billion euros can be multiplied.
04:05And doubled already within five, six years that the number of jobs...
04:10which the European companies are creating in India,
04:13and the number is already huge.
04:15707 million could be also multiplied, as well as jobs in Europe,
04:19because more than 800...
04:20thousand people have currently jobs in Europe,
04:23thanks to the exports to India.
04:25So all these are such significant numbers that, in the end,
04:28there are no regrets.
04:29And I think...
04:30that we also looked to the future.
04:32So we made this agreement as future proof.
04:35as possible, because we know that India is a 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 are really materialized?
04:50And...
04:50what we can improve.
04:51And I believe that this would be such an ongoing process,
04:53because 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?
04:59Because...
05:00the Indians are operating under a 50% 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%.
05:11How much of an impact do you believe that...
05:13that 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...
05:25true partnership...
05:27in the field of trade and economic...
05:30cooperation these days is very important.
05:32that everyone wants to hedge against the instability...
05:35and I believe that...
05:36the strife for predictability, for stability, for...
05:40the financial advantages deal is very strong.
05:42And I felt it from our Indian partner.
05:45that they clearly felt it from us.
05:46Because, I mean, for both of us...
05:48this is a win-win agreement and...
05:50I'm sure that it will bring us...
05:52better sleep in the night, more opportunities for...
05:55tomorrow and...
05:56we 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...
06:03and decaying?
06:04Does that...
06:05change something at the negotiating table?
06:07I think it's...
06:08it was always my style and...
06:10being from there...
06:11from the small country...
06:12and India, of course, is a big, big country.
06:15but being from the small country...
06:16I know how it is appreciated...
06:18where you are polite...
06:19where you listen...
06:20to your partner concerns...
06:22and when you...
06:23when you want...
06:24to put yourself...
06:25in your partner's shoes...
06:26because...
06:27in the end...
06:28the good deal...
06:29is when...
06:30both partners are happy...
06:31when you do not feel...
06:32pushed...
06:33pressured...
06:34and...
06:35when you sell it...
06:35with a positive attitude...
06:36and I believe...
06:37that this is happening right now...
06:38and...
06:39we have...
06:40multiple...
06:41level relationship...
06:42there is excellent relationship...
06:43between the leaders...
06:44both...
06:45President von der Leyen...
06:46and President Kostar...
06:47here...
06:48they have cordial...
06:49relationship...
06:50with Prime Minister...
06:50and...
06:51accordingly...
06:52I...
06:53I'm...
06:54on a regular...
06:55talking...
06:56basis...
06:57not only with...
06:58Minister...
06:59I...
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07:14about this turmoil in global markets with the United States for 15%, as you know, that deal was
07:19criticized, you continue to defend it, and you say it was the best possible deal. But of course, we saw
07:24with Greenland, there was this threat of another 10%. Do you believe, really believe that you have stabilized
07:29the relationship when it comes to the US? Or actually, this is going to be an ongoing process?
07:33I think that...
07:34Again, I would quote the president of the European Commission.
07:39My boss, deal is a deal. This is how we approach it.
07:43So it was final.
07:44A deal is a deal.
07:45A deal is a deal. This is how we approach it, and we want to implement...
07:49I'm convinced that under the circumstances we negotiated, it was the best deal possible.
07:54And I can compare the notes with many of my colleagues, and I'm still very strongly behind.
07:59that statement. But we've been also very clear that if it comes...
08:04You're not weak.
08:05You're not weak.
08:06Of course, we are not weak. It's...
08:09It's very important for us. And on this question, there is absolute and total European unity.
08:14Finally, you have a portfolio now that is strategic for the European Union. Some would argue...
08:19You've become now one of the most powerful men in Brussels. I'm not sure if you'd take that...
08:24That's a good thing. Or actually, it's going to keep you up at night. But the goal now is to turbocharge trade...
08:29Go on, conquer new markets, and do it fast. What's next for the European Union now?
08:34I think...
08:34If we look at the last year, indeed, I can say that our trade policy was...
08:39It's a good turbocharge. I would just highlight the fact...
08:44That we manage also very difficult negotiations with Switzerland, an agreement.
08:49And so we are opening some new opportunities with the UK. I am travelling there already.
08:54Next week.
08:55But I think a very remarkable and good agreement. We concluded...
08:59With Indonesia, the biggest Muslim country. And again, they are extremely pleased.
09:04And we are as well.
09:05With the results, we concluded the agreement with Mercosur.
09:09Now we have this mega deal with India.
09:14And of course, we still have a very, very active agenda. We are talking to the GCC countries.
09:19They are talking to the countries of Southeast Asia, like Philippines, Thailand, Malaysia.
09:24And I know that also Australians are interested in...
09:29Relaunching and fast-tracking the negotiations. So we are permanently negotiating...
09:34In association with multiple partners. And I hope that...
09:36Do you call them or do they call you now?
09:38Do you call them or do they call you now?
09:39So, I think that we had many of these agreements.
09:44on the table, how it was with India for 10 years.
09:47But I think that...
09:49The last year, I mean, we both felt, you know, let's look at it again.
09:54Does it really have to take so long?
09:55It cannot be, actually, it cannot be, let's say, more flexible from the...
09:59from the both sides and it happened.
10:02One example I can say that...
10:04after we concluded the negotiations and we flew, it was our first...
10:09foreign trip with my new portfolio to Mondavideo.
10:12Then over the Christmas we negotiated.
10:14We negotiated the deal with Mexico and I hope that, again, it will be fully ratified.
10:19before the summer break.
10:20So we have series of the big deals with the...
10:24very strong, big economies and I think it just reflects that Europe has the biggest trade.
10:29has a good reputation, that we are credible, that we are stable and...
10:34we always conclude the deals which are good for both parties and I can...
10:39demonstrate on the numbers that there is not one single free trade agreement which we sign.
10:44which didn't lead to dramatic increase of trade investment and is good for both parties.
10:49So we are happy without the trade deals and that's, I think, the invitation and calling card for us.
10:54Let's do the deal with Europeans.
10:55So you don't think it's the end of the multilateral trade?
10:57No, I'm absolutely convinced...
10:59Some argue it is.
11:00We are going back to very rough, tough politics.
11:03That's...
11:04It's true that, I mean, I don't think that I personally work in such a rough seas.
11:09This season, especially in trade, very strong transactionalism.
11:14But I think that through this new partnership, we are kind of providing the country...
11:19argument to this might makes right to the power of politics.
11:24which is so present in the global discourse right now and I see how...
11:29our partners value the partnership and fair approach.
11:32Well, we'll be seeing you around the world then on that...
11:34Commissioner, thank you very much for joining us.
11:36Thank you very much for having me.
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