India-EU FTA to open new avenues for businesses: Finland Trade Counsellor

New Delhi, Aug 21 (IANS) The India-European Union Free Trade Agreement (FTA) will open new avenues for businesses and deepen commercial cooperation between India and European countries, Trade Counsellor at the Embassy of Finland Antti Herlevi said on Friday, adding that European businesses are looking forward to working more closely with Indian companies.

“This year is very important. As you know, the FTA has been signed, and Europeans are very much looking forward to working with India and Indian companies. There is a lot of excitement, and we hope that all the practicalities will be worked out soon,” Herlevi said.

He said businesses are looking forward to the agreement becoming operational, which could provide greater opportunities for companies from both sides to expand trade and commercial partnerships.

India can benefit significantly from Finland’s experience in developing circular economy models, with businesses in the two countries having scope to collaborate on reducing material consumption, improving product design and strengthening recycling systems, Trade Counsellor at the Embassy of Finland Antti Herlevi said on Friday.

Herlevi said European countries, particularly Finland, have a long tradition of adopting circular economy principles and have developed business models aimed at replacing linear systems with more sustainable circular models.

On ways to reduce waste and resource consumption, he said cutting material use could have an impact across the entire value chain. Lower material consumption would also reduce the use of energy and water, while reducing dependence on virgin materials, which are often highly energy- and carbon-intensive.

“Simply put, we should use fewer materials and recycle as much as possible. That can be a major game changer,” Herlevi said.

He also stressed that the transition towards a circular economy needs to begin at the product design stage. According to him, companies need to develop products that use minimal material, have longer lifespans and are designed in a way that allows the materials used in them to be recycled.

“It starts with upstream solutions,” Herlevi said, adding that better planning and design from the outset would be critical to creating products suited to a circular economy.

–IANS

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