Vadodara, Jan 29 (SocialNews.XYZ) The signing of the Free Trade Agreement (FTA) between India and the European Union (EU) has been welcomed by traders in Gujarat's Vadodara, who see it as a positive development for domestic trade and exports.
Business leaders believe the agreement will help Indian exporters access European markets while reducing the impact of rising global trade barriers.
Ramesh Patel, Vadodara Trade Development Organisation President and Advisor to Confederation of All India Traders (CAIT) Gujarat, said the agreement reflects India's evolving trade strategy amid tariff pressures from the US.
He said that the EU agreement would strengthen India's export ecosystem and create new opportunities for local traders.
Patel thanked Prime Minister Narendra Modi for the initiative, saying the agreement would help Indian businesses expand globally and remain competitive.
He added that the move would be particularly beneficial for traders and MSMEs in Vadodara.
Local traders also expressed optimism, noting that the agreement could boost exports across sectors such as engineering goods, chemicals, pharmaceuticals, and textiles.
Ahead of the Union Budget, the Vadodara Trade Development Organisation has placed its key demands before the government.
In a meeting of traders and industry representatives, the association highlighted the need for tax relief to stimulate growth.
The organisation has called for reductions in income tax rates, corporate tax relief, and special incentives for the MSME sector.
It has also urged the Union government to simplify the GST system, expedite return filing, and ensure faster refunds.
Additional demands include easier access to low-interest loans and enhanced credit support for MSMEs, improvement in infrastructure such as roads, logistics, and port facilities, promotion of exports, digital and technological upgradation, tax incentives for startups, and policies focused on employment generation.
Association leaders said a growth-oriented budget would provide much-needed momentum to trade and industry in Vadodara.
Source: IANS
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