Economy

'New govt must ensure successful conclusion of EU-India trade pact'

Rajalakshmi S | | Updated on: May 17, 2014

India’s new Government should ensure the successful conclusion of the much delayed Bilateral Trade & Investment Agreement (BTIA) between the European Union (EU) and India, the Brussels-based Europe India Chamber of Commerce (EICC) has suggested.

“Investors from Europe are bullish about India's growth potentials and want to see New Delhi and Brussels iron out their differences over the BTIA. We hope that the new Indian Government will be able to take some hard decisions necessary to spur growth and investments,” Sunil Prasad, EICC Secretary General said.

While welcoming the clean sweep by the Bhartiya Janta Party-led National Democratic Alliance (NDA), Prasad said that the next government should ensure peace and harmony in the country to boost confidence of international investors.

Talks around the BTIA have been stuck as the EU is not satisfied with India’s offers in opening up insurance, government procurement and market access for automobiles and wines and spirits. India, on the other hand, is insisting on more professional work visas and recognition as a data secure country to attract more offshoring business from Europe. All indications are that that the trade pact may become a reality only by 2015.

EU-India relations have been going through a rough patch of late. Recently, the EU declared that it would ban Indian mangoes and four other vegetables on the grounds that they contained harmful organisms, a move that has been challenged by New Delhi.

Published on March 13, 2018

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