Union Commerce and Industry minister Piyush Goyal has written to Valdis Dombrovskis last week to begin the trade and investment negotiations after a decision in this regard was taken at the India-EU Leaders Summit dated on May 8. This would consist of establishing negotiation groups on different tracks and to commence formal engagement by the two sides.
The negotiations were initiated in 2007, however further suspended in 2013 post the 16 rounds of talks. The key point of the Porto Summit on May 8 is to resume the negotiations.
Goyal has concentrated over the negotiations on both investment and free trade agreement should be taken up parallel and that both sides should seek their conclusion at once, according to the officials.
The EU has always been inclined towards stand-alone investment agreements and further agreed to resuming FTA negotiations post engagements held under dialogue between :Piyush Goyal and Dombrovskis.
Based on the studies conducted in the past, both India and EU would receive significant benefits out of FTA. The EU is the second largest export market for India and India’s fast growing economic size should increase the attraction of EU towards India.
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