Traders in Vadodara, Gujarat, are pleased with the signing of the Free Trade Agreement (FTA) between India and the European Union (EU), seeing it as a positive step for domestic trade and exports.
Business leaders anticipate that the FTA will enable Indian exporters to enter European markets more easily and mitigate the impact of increasing global trade barriers. Ramesh Patel, President of Vadodara Trade Development Organisation and Advisor to Confederation of All India Traders (CAIT) Gujarat, views the agreement as a reflection of India’s evolving trade strategy amidst tariff challenges from the US.
Patel believes that the EU agreement will enhance India’s export ecosystem, opening up new prospects for local traders. He expressed gratitude to Prime Minister Narendra Modi for spearheading this initiative, emphasizing its potential to help Indian businesses expand globally and stay competitive.
Local traders are optimistic about the agreement’s potential to boost exports in various sectors such as engineering goods, chemicals, pharmaceuticals, and textiles. Ahead of the Union Budget, the Vadodara Trade Development Organisation has presented its key demands to the government, emphasizing the necessity of tax relief to spur growth.
The organization has called for measures like reduced income tax rates, corporate tax relief, and special incentives for the MSME sector. Additionally, they have urged the government to streamline the GST system, expedite return filing, and ensure prompt refunds. Other demands include improved access to low-interest loans, enhanced credit support for MSMEs, better infrastructure, export promotion, digital upgrades, tax incentives for startups, and employment-focused policies.
Association leaders believe that a growth-oriented budget would inject vital momentum into trade and industry in Vadodara.
Vadodara, Gujarat, India, European Union, Ramesh Patel, Confederation of All India Traders, Narendra Modi, Union Budget, MSMEs, GST, Engineering Goods, Chemicals, Pharmaceuticals, Textiles, Trade Development Organisation, Export
