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.
01:25That 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...
01:30that this is what I was explaining yesterday. We need to do legal scrubbing. We need to do our European...
01:34just...
01:35to...
01:36to
01:38to
01:40to
01:40yes
01:41to
01:42yes
01:43to
01:44yes
01:48yes
02:01if
02:02yes
02:03yes
02:03yes
02:03yes
02:04yes
02:04it 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
02:09we cannot waste more time i think that that last year and i and i felt really the
02:14uh the needed attention from both sides we created a moment
02:32you
02:19and by the visit of college of commissioners to new delhi last year and we
02:24both understand that relationship between european union and india is really strategic
02:29and simply i would say the cooperation between us opening of the commercial
02:34and trade ties will really create a huge opportunities for both of us so i think what
02:39the trick in the end was that we started the new philosophy we just being very clear
02:44about the fact that if this is sensitive for you let's not touch it okay that's a game changer in a way
02:49because when we look at the red lines they have said that agriculture that's a market where they're local
02:54producers will always go first the same applied obviously to darien and green so the new
02:59approach from the european union will say if it's delicate we don't touch it let's look at the
03:03other opportunities exactly
03:04exactly so so and and and we both uh agreed that from our side
03:08exactly so so and and uh and we both uh agreed that from our side
03:16so and and uh and we both agreed that from our side
03:18so and so and and uh and we both agreed that from our side
03:20like beef, like sugar.
03:25And you say this is the mother of all trade deals because of the access to a market.
03:30Well, more than a billion people, ultimately.
03:33But are there any regrets?
03:35Something that you wish, I wish we'd gotten this in the deal, but we couldn't make it in the end.
03:39I think you cannot work with-
03:40With regrets here because it's very complex agreement.
03:43So I think, I mean, we-
03:45We had lots of interaction with our Indian partners also during-
03:50this visit to India.
03:52Everyone is very pleased and I can say that it's-
03:55also on the other side.
03:57The fact that current trade, which is on the level one-
04:00180 billion euros can be multiplied.
04:05And doubled already within five, six years that the number of jobs which-
04:10the European companies are creating in India, and the number is already huge, 3.7 million.
04:15could be also multiplied as well as job in Europe, because more than 800,000 people-
04:20have currently the jobs in Europe, thanks to the exports to India.
04:24So all these are such as-
04:25significant numbers that in the end, there are no regrets.
04:28And I think that we also-
04:30we also looked to the future.
04:32So we made this agreement as future-proof as possible because-
04:35we know that India is very dynamic market.
04:37They have growth between seven to 8% and we agree-
04:40that we will have regular review clauses.
04:42How can we further improve that agreement?
04:45What fear has been confirmed?
04:47What concerns are really materialized?
04:49And what we can improve-
04:50and I believe that this would be such an ongoing process because we both want to be part of our own success.
04:55And how much of an impact did President Trump have on the timing of the deal?
05:00Because the Indians-
05:00because they're operating under a 50% tariff regime, they themselves say that it's incredibly difficult-
05:05to do business with the United States in that context.
05:08It's almost impossible at 50%.
05:10How much of an impact do you believe that tariff threat had on this deal?
05:14I-
05:15I-
05:15I have to say, as I already recall certain times, that indeed my opponent is-
05:20ringing all the time because everyone feels that-
05:24that-
05:25I-
05:26I-
05:27I-
05:28I-
05:29I-
05:30I-
05:31I-
05:32I-
05:33I-
05:34I-
05:35I-
05:36I-
05:37I-
05:38I-
05:39I-
05:40I-
05:41I-
05:42I-
05:43I-
05:44I-
05:45I-
05:46I-
05:47I-
05:48I-
05:49I-
05:50I-
05:51I-
05:52I-
05:53I-
05:54I-
05:55I-
05:56I-
05:57I-
05:58I-
05:59I-
06:00I-
06:01I-
06:02I-
06:03I-
06:04I-
06:05I-
06:06I-
06:07I-
06:08I-
06:09I-
06:10I-
06:11I-
06:12I-
06:13I-
06:14I-
06:15I-
06:16I-
06:17where you are polite, where you listen to your partner concerns.
06:22And when you want to put yourself in your partner's shoes, because in the end, the good
06:27deal is when both partners are happy, when you do not feel pushed pressure.
06:32Then when you sell it with a positive attitude, then I believe that this is happening right now.
06:37And we have multiple level relationship.
06:41That is excellent.
06:42The relationship between the leaders, both President von der Leyen and President Kostar
06:46here, they have cordial...
06:47...relationship with Prime Minister Modi.
06:49I am on a regular talking basis.
06:52Not only with the Minister of Trade, but also with Minister for External Affairs with Madame...
06:57...the Minister for Finance and many colleagues, so I think we kind of created the platform.
07:02And the fabric, which I believe will help us very much in the future to get the best possible...
07:07...effect from this deal.
07:09And just as two final questions, of course the European Union...
07:12...cut a deal and you talk about this turmoil in global markets...
07:15...with the United States for 15%...
07:17...as you know that deal was criticized, you continue to defend it and you say it was the best possible deal.
07:22But of course we saw with Greenland, there was this threat of another 10%.
07:25Do you believe, really believe...
07:27...that you have stabilized the relationship when it comes to the US...
07:30...or actually this is going to be an ongoing...
07:32...of the world process?
07:33I think that, again I would quote the President...
07:37...of the European Commission, my boss, deal is a deal.
07:40This is how we...
07:41...this is how we...
07:42...approach it.
07:43So what's final?
07:44A deal is a deal.
07:45A deal is a deal.
07:46This is how we approach it.
07:47And...
07:47...we want to implement it.
07:48I'm convinced that under the circumstances we negotiated...
07:51...it was there.
07:52...for the best deal possible.
07:53And I can compare the notes with many of my colleagues and I'm still...
07:57...very strongly behind that statement.
07:59But we've been also very clear that...
08:02...if it comes to territorial integrity, sovereignty...
08:05You're not weak.
08:06Of course.
08:07We are not weak.
08:08It's very important for us.
08:09And on this question there is...
08:10...there is absolute and total...
08:12...the European unity.
08:13And finally, you have a portfolio now that is strategic...
08:16...for the European...
08:17...the European Union.
08:18Some would argue you've become now...
08:19...one of the most powerful men in Brussels.
08:22I'm not sure if you take that as a good thing or actually...
08:24...it's going to keep you up at night.
08:25But the goal now is to turbo...
08:27...charge trade relationships.
08:28Go and conquer new markets and do it fast.
08:31What's next for...
08:32...the European Union now?
08:33I think if we look at the last year...
08:35...indeed I can say that our...
08:37...trade policy was turbocharged.
08:40I would just...
08:42...highlight the fact that we manage also very difficult...
08:45...negotiation with Switzerland.
08:47...than agreements.
08:48We are opening some new opportunities with the UK.
08:52I am travelling there already next week.
08:54But I think a very remarkable and good...
08:57...and we conclude it with Indonesia...
08:59...the biggest Muslim country.
09:01And again they are...
09:02...extremely pleased and we are as well...
09:04...with the results...
09:05...we concluded the agreement with...
09:07...with Mercosur.
09:08Now we have...
09:09...now we have...
09:10...this mega deal with...
09:12...India.
09:13And of course...
09:14...we still have...
09:15...very very active agenda.
09:16We are talking...
09:17...to the GCC countries.
09:18They are talking to the countries...
09:19...of Southeast Asia...
09:20...like Philippine...
09:21...Tand...
09:22...Malaysia...
09:23...and...
09:24...I know...
09:25...that also Australians...
09:26...are interested in...
09:27...relaunching...
09:29...and...
09:30...fast-tracking the negotiations.
09:31So we are...
09:32...permanently negotiations...
09:33...with multiple partners...
09:34...and I hope that...
09:35Do you call them...
09:36...or do they call...
09:37...you now?
09:38I think that...
09:39...we had...
09:40...many...
09:41...of the...
09:42...is...
09:42...the agreements...
09:43...on the table.
09:44How it was with India...
09:45...for 10 years.
09:46But I think that...
09:47...the last year...
09:49...I mean...
09:50...we both felt...
09:51...you know...
09:52...let's look...
09:52...at it again...
09:53...does it really...
09:54...have to take so long...
09:55...cannot be...
09:56...actually...
09:57...cannot be...
09:58...let's say...
09:59...both sides...
10:00...and...
10:01...and it happen.
10:02One example...
10:03...I can say...
10:04...that up to be...
10:04uh we concluded the negotiations and we flew it was our first foreign
10:09trip with my new portfolio to monday video then over the christmas we negotiated the deal with
10:14mexico and i hope that again it will be fully ratified before before the summer
10:19break so we have series of the big deals with uh very strong
10:24big economies and i think it just reflects that europe as a biggest trader has a good reputation
10:29that we are credible we are stable and we always
10:34uh conclude the deals which are good for both parties and i can demonstrate on the
10:39numbers that there is not one single free trade agreement which we signed which didn't lead to
10:44the dramatic increase of trade investment and uh is good for both of us so we are
10:49happy without the trade deals and that's i think the invitation and calling card for others
10:54to the deal with europeans so you don't think it's the end of the multilateral trade no i'm absolutely
10:58convinced that some are
10:59we're going back to very rough tough politics that's that's true that i mean
11:04i i don't think i i don't think that i don't think that i personally work in such a rough season
11:09especially in trade, very strong transactionalism, but I think that...
11:14through this new partnership, we are kind of providing a counter-argument.
11:19To this might makes right, to the power of politics, which is so present.
11:24In the global discourse right now, and I see how our partners...
11:29value the partnership and fair approach.
11:31Well, we'll be seeing you around the world then on that note, Commissioner.
11:34Thank you very much for joining us.
11:35Thank you very much for having me.
Comments