The recently inked India-EU Free Trade Agreement is poised to revolutionize economic ties, with Sweden’s envoy Jan Thesleff calling it a beacon of confidence in turbulent global times. Speaking exclusively to IANS, Thesleff praised India’s innovative youth and talent reservoir, positioning the FTA as a catalyst for employment and skill enhancement.

Describing it as historic, the ambassador said it erases trade hurdles, benefiting established players like Sweden and newcomers alike. ‘It lowers all barriers to dealing with India and for India dealing with Europe,’ he explained, spotlighting opportunities for SMEs—the backbone of job creation fueled by creativity and innovation.

The pact’s significance lies in its signaling effect, witnessed in high-level meetings between Indian and EU leaders. It reassures SMEs while urging untapped EU firms to eye India’s market for investment and manufacturing. With 400 Swedish companies already operating here—7% of EU total—Thesleff sees this as a compelling invitation.

The FTA transcends trade, embracing sci-tech partnerships and centers of excellence. Sweden’s footprints in key sectors like autos, IT, and pharma will deepen, matched by Indian investments in Sweden, where 75-80 firms have poured resources, including Gothenburg expansions. This reciprocity creates value and jobs bilaterally.

Thesleff underscored ‘intellectual remittances’: talented Indians exposed to Sweden’s ecosystem return with advanced skills, propelling India’s development. Likewise for Swedes in India. Today, Indians top foreign arrivals in Sweden, eyed to hit 1% of its populace by 2030. ‘Geographically apart, but getting closer every minute,’ he affirmed, heralding a new era of opportunities.