He noted that the aerospace industry typically benefits from a consistent tariff framework under free trade agreements, and anticipates that the proposed India-European Union (EU) Free Trade Agreement (FTA) will create increased trade, manufacturing, and innovation prospects across various sectors.
Referring to a recent study, he mentioned that over 95% of EU companies are planning to expand operations in India in the next five years, bolstered by the prospective India-EU FTA. He pinpointed manufacturing, supply chains, technology and digital innovation, as well as research and development (R&D) as crucial areas for collaboration.
While attending an event organized by the Federation of European Business in India (FEBI), where he serves as President, Westermeier shared with CNBC-TV18’s Abhimanyu Sharma that tariff adjustments under the FTA could instigate a manufacturing revolution across various sectors in India, driven by heightened investments from European firms.
He also mentioned that India and the EU already have partnerships in security and defense, and that the proposed FTA could enhance trade in commercial aircraft under a global “zero-for-zero” tariff framework.
Additionally, Westermeier indicated that discussions are underway for a “security of information agreement” between India and the EU.
