India, EU support interim measures to re-initiate bilateral trade pact
By TIOL News Service
NEW DELHI, FEB 06, 2021: INDIA and the European Union (EU) discussed holding regular interactions for reinitiating the bilateral trade and investment agreement, with an interim agreement to start with, said the Ministry of Commerce and Industry on Saturday.
Minister of Commerce and Industry Mr Piyush Goyal and the EU's Executive Vice-President and Trade Commissioner Mr Valdis Dombrovskis held talks at the first India-EU High Level Dialogue on Trade and Investment on Friday.
"Commitment to the establishment of this dialogue was a major outcome of the 15th India-EU Leader's Summit held in July 2020, with an objective for a ministerial-level guidance towards the bilateral trade and investment relations," said the ministry.
The ministers emphasised the importance of global cooperation and solidarity in a post-COVID-19 era.
"[They] 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," it added.
They agreed to meet within the next three months, with an objective for reaching consensus on a host of trade and investment cooperation issues, such as the Regulatory Dialogue, an India-EU Multilateral Dialogue to explore further possibilities 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," said the ministry.
The free trade agreement, formally called the Broad-based Trade and Investment Agreement (BTIA), had met vocal opposition from the UK on the liberalisation of visa rules for Indian workers and reduction of tariffs on spirits. Post-Brexit, the two sides are hopeful for smoother sailing.