EU urges India to extend Trade pacts by 6 months to EU nations

Posted by Daily Shipping Times on 23-02-2017        Tweet

NEW DELHI: The European Union recently pressed India to extend by six months its bilateral investment pacts with several EU-member countries which are expiring soon, saying absence of the treaties could adversely impact trade ties and FTA talks.

A high-level European Parliament delegation, here to gauge India's views about the Trump administration and discuss various key issues concerning India-EU ties etc.

Chair of the EU delegation for relations with India Geoffrey Van Orden said EU wants New Delhi to renew the investment deals first to take forward the stalled FTA talks.

"It will be helpful if trade and investment pacts can be extended for six months. The issue has become a problem for the FTA talks," he told reporters.

India's existing trade and investment pacts with The Netherlands have come to an end in November while while similar pacts with several other EU countries will expire in the coming months.

Orden said expiry of the pacts will make it difficult for the European countries to go for fresh investments in India, adding the EU want India to first give the extension to the pacts and then move ahead with the FTA which is known as EU-India Broad-based Trade and Investment Agreement (BTIA).