Addressing a press conference on 'India and Germany-Technology partner for the Future' Ney said, "Prime Minister Narendra Modi and Chancellor Angela Merkel took the decision that they were ready. Both the leaders agreed that for political and strategic reasons, negotiation between EU and India are important".
However, Ney clarified that there had been no decision as to when the negotiation will resume. "I detect there was a willingness from the Indian side to resume negotiation and I am an ardent supporter of an early negotiation," he added.
Meanwhile, terming free trade as important, VDMA president Carl Martin Welcker said that VDMA strongly supports EU's negotiations with India to achieve a free trade agreement. "Both sides have vital interests that need to be reconciled. An agreement would significantly enhance the competitiveness of our industry in India while also open the EU markets further for Indian industry," he added.
Welcker said that the VDMA very much welcomed the Make in India campaign started in 2015, as Germany knows how important a vital and strong manufacturing base for a country is.
Welcker further said, "The reform, modernisation strategy announced by Prime Minister Modi in 2015 is unlocking significant market opportunities for German mechanical and plant engineering. The Indian buyer sectors are in great need of modernisation and India is unable to meet the demand through local production. VDMA, therefore, hopes that new measures will be effective and enable the Indian buyer sectors to invest. Additional exports by Indian companies would play a vital role in making sure that the country's trade deficit does not increase any further.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)