Negotiations between India and the European Union on the free trade agreement stuck for the last eight years (2013) can be resumed next month. Finance Minister Nirmala Sitharaman said that during the summit between India and the European Union (EU) going to be held in May next month, formal negotiations on the trade agreement will resume.
Negotiations on the free trade agreement between India and the Group of 287 countries have been stalled since May 2013, as it failed to resolve differences on several key issues, including data security for the IT sector. Finance Minister Nirmala Sitharaman said that this will help in strengthening the relationship between the two sides.
Negotiations for a free trade agreement between India and the EU began in June 2007. During a bilateral meeting with Portugal’s Foreign Minister Augusto Santos Silva, Nirmala Sitharaman said that India and EU will resume formal negotiations on trade and investment agreements during the summit in Portugal on 8 May of Portugal. The EU Council will be a notable success in the leadership.
During the meeting, Finance Minister Nirmala Sitharaman said underlining the importance of top-level visits between India and Portugal to each other’s country, this paved the way for many agreements between the two countries and led to good results. The Finance Minister said that the historical relationship between the two countries has helped to transform into a modern partnership of the 21st century.
Foreign Ministry officials said that the Netherlands would be like a gateway in the EU market for India. In May 2021, Prime Minister Modi is going to visit Portugal where India-EU Summit will be held. In this, the decision is possible when the negotiations on the bilateral trade and investment agreement start again. The Modi government is paying special attention to deepening relations with European countries, in view of this, efforts will be made to finalize the business and investment agreement soon.