India, EU to decide fate of trade agreement next month

Posted by Daily Shipping Times on 14-03-2018        Tweet

New Delhi: India and the European Union will next month resume the much-delayed Bilateral Trade and Investment Agreement (BTIA) that hasn’t progressed much over the past five years.

Chief negotiators of the two sides will meet in April to explore the possibility and work out some roadmap for the negotiations. “EU negotiators are coming in April to discuss how to take the talks forward,” said a person aware of the development.

Prior to the meeting, the Government plans to consult the industry on products of its aggressive interest or exports in which it wants tariff concession from the European Union.

India and the EU had started the BTIA talks in 2007 and 16 rounds of negotiations have taken place till now. Negotiations were stalled amid the prolonged downturn in Europe and its focus on concluding the Transatlantic Trade and Investment Partnership agreement with the US.

India’s exports to the EU in the April-December period were $38 billion, compared with $47.3 billion in 2016-17.

In the same period, India’s imports from the EU were $35.2 billion and $42.3 billion, respectively.