Modi and Macron’s ‘contract of the century’: A new anchor for India-Europe trade
The two leaders sign a huge aerospace accord and key tax treaty changes, highlighting the warming of business relations after a hat-trick of trade deals
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INDIA and the European Union, the world’s two largest democracies, have long had a distant economic relationship. However, the last two years have seen a warming of relations, opening enhanced business opportunities for firms across both regions.
This shift was showcased during French President Emmanuel Macron’s visit to India from Feb 17 to 19 – his fourth since taking office in 2017. Macron praised the “remarkable acceleration” of New Delhi’s ties with Paris in response to a “changing international order”.
Key business deliverables
One key deliverable is India’s agreement to revise its 30-year-old tax treaty with France. This aligns with New Delhi’s renegotiations of similar tax accords with other nations, including Singapore.
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