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India-EU FTA trade talks need to resume at earliest: Commerce Ministry

24 Oct 2018 Evaluate

In order to boost trade and investment, the commerce ministry has said that it is important to resume long-stalled talks for the proposed free trade agreement (FTA) between India and the European Union (EU) at the earliest and without any pre-conditions. It added that any FTA has to be balanced and mutually beneficial. India has been sensitive to EU's concerns and has gone an extra mile to be accommodative.

The ministry said that the two sides reaffirmed their support to finalise an ambitious and balanced Broad Based Trade and Investment Agreement (BTIA) between India and the EU. BTIA is a kind of comprehensive free trade agreement. The Czech side noted that India is one of the most important partners for the EU and liberalisation of their markets would be beneficial in the long term for both sides. The India side stated that it is committed for an early and balanced outcome of the BTIA negotiations.

The negotiations for the pact have been held up since May 2013 as both the sides are yet to bridge substantial gaps on crucial issues. Launched in June 2007, the negotiations for the proposed BTIA have witnessed many hurdles with both sides having major differences on key issues like intellectual property rights, duty cut in automobile and spirits, and liberal visa regime. Besides, bilateral trade between the countries stood at $1.07 billion in 2017-18. It was same in the previous fiscal also.

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