German Automakers Embrace India-EU Trade Deal as Growth Opportunity

Impact of the India-EU Trade Deal on Germany

BERLIN, Jan 27 (Reuters) - The CEOs of Volkswagen, BMW and Mercedes welcomed the finalization of a long-pending landmark trade deal between India and the European Union on Tuesday, saying that it represented an opportunity for Germany.

Statements from Automotive CEOs

The deal "is extremely important for Germany as an export nation, which we want to remain - we are very pleased that things are now moving quickly, that we are expanding multilateral relations rather than cutting them off," BMW Chief Executive Oliver Zipse told Reuters on the sidelines of a business conference organised by the Welt newspaper in Berlin.

Economic Opportunities in India's Car Industry

"Any move towards opening up markets and strengthening trade, as well as our opportunities to expand our strong export economy, is positive for Germany and positive for Europe," Mercedes CEO Ola Kaellenius told Reuters.

Trade Agreement Details and Future Prospects

Volkswagen CEO Oliver Blume also welcomed the deal, saying that he supported "every initiative for trade agreements with regions of the world."

He said Volkswagen saw opportunity in India's car industry - the third largest in the world - adding that the company would now "carefully examine the details of the trade agreement and then evaluate how we will proceed in India."

In 2024, the German automotive industry exported goods worth 1.115 billion euros ($1.32 billion)to India, of which 868 million euros were parts, according to Germany's VDA automotive association.

($1 = 0.8426 euros)

(Reporting by Klaus Lauer, Writing by Friederike Heine, editing by Linda Pasquini)