Bhubaneswar: The free trade agreement (FTA) signed between India and the European Union earlier this week is being considered a breakthrough at a time when US tariffs have disrupted global trade.Odia businessmen based in Europe observed that the FTA would offer a strategic gateway to the world’s most demanding market as EU is India’s biggest trading partner with total bilateral trade pegged at $200 billion.They felt that while several Indian goods would be eligible for duty-free access, acceptability in the European market would depend on understanding EU regulatory frameworks. It also paves the way for upskilling, particularly for young talent, to be in sync with global standards, the entrepreneurs said.“Indian businessmen will have to meet rigorous European standards in quality, traceability, sustainability and compliance. They should forge long-term, standards-aligned partnerships with European buyers,” said Arun Kar, a London-based entrepreneur.With the removal of tariff friction, the deal is also advantageous for Indian entrepreneurs abroad. “They understand both Indian and European trade ecosystems and can serve as distributors or partners, making trade smoother and more trusted,” said Partha Panda, an Odia businessman from Kent.The FTA will strengthen India’s position as a global economic power, as it would help contribute to high-value exports and create skilled jobs in India. “Over time, it enhances India’s global credibility and influence in shaping future technology and infrastructure standards, firmly positioning India as a long-term partner in the world’s economic and digital growth,” said Sukant Kumar Jena, CEO of an IT company based in Reading, UK.Entrepreneurs said that the elimination of EU tariffs on seafood gives Odisha’s marine sector a decisive boost, while its handlooms, metals and crafts can enter Europe on an equal footing with competitors like Bangladesh.“With major global players like ArcelorMittal investing, and Odisha’s sea ports and mineral base in place, the state is poised to become an export-driven industrial hub — if we invest in skills, compliance systems and green logistics,” said Kar. Similarly, Panda said that with the right support, exports from Odisha can increase.Besides business, the deal would help tap the vast human resource potential of India. “The FTA institutionalises pathways for Indian professionals, engineers and students to access European opportunities. The deeper impact lies in what it does for India’s talent narrative: it moves us from being a low-cost labour pool to a globally credentialed workforce,” said Kar.
