India, EU talk restarting bilateral trade, investment pact with interim agreement

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NEW DELHI: India and the European Union have mentioned holding common interactions for re-initiation of bilateral commerce and investment agreements, with an interim agreement to begin with, the federal government mentioned on Saturday.

Commerce and business minister Piyush Goyal and the European Union Executive Vice-President and Trade Commissioner Valdis Dombrovskis had the primary High-Level Dialogue (HLD) on Friday whereby additionally they agreed to fulfill throughout the subsequent three months, with an goal for reaching consensus on a number of bilateral commerce and investment cooperation points.

These embrace a bilateral Regulatory Dialogue and an India-EU Multilateral Dialogue to discover additional potentialities of cooperation.

“In a significant step forward, regular interactions for re-initiation of bilateral trade and investment agreements, with an interim agreement, to start with, were also discussed,” the commerce and business ministry mentioned in a press release.

Negotiations for a broad-based Bilateral Trade and Investment Agreement (BTIA) began in 2007 and had been suspended in 2013.

The BTIA talks collapsed over sure EU calls for corresponding to larger market entry for cars, wines and spirits, and additional opening up of India’s monetary providers sector corresponding to banking, insurance coverage and e-commerce.

ET reported final month that eager to speed up investments, know-how and capital flows from the EU, India desires the investment and commerce offers to occur parallelly and independently.

At the fifteenth India-EU Leader’s Summit in July 2020 the 2 sides agreed to discover the opportunity of renewing the BTIA talks and likewise determined to determine the HLD.

“The ministers emphasised the importance of global cooperation and solidarity in a post Covid-19 era and agreed for further deepening of bilateral trade and investment relationship through a series of regular engagements, aiming at quick deliverable for the businesses in these tough times,” the ministry mentioned.

India’s exports to the EU in April-October had been $20.5 billion, led by natural chemical substances, pharmaceutical merchandise, mineral fuels, gems and jewelry, leather-based merchandise and attire, whereas imports had been $17.9 billion. Nuclear reactors, electrical equipment and optical/photographic equipment had been the foremost import.

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