In a big boost to the Indo-EU ties, the two nations are set to begin parallel negotiations for separate trade and investment agreements which would make up a comprehensive Free Trade agreement (FTA), reports Economic Times.
Announcing the development, Union Minister for Commerce and Industry Piyush Goyal emphasised that trade and investments go hand in hand and that the two sides are committed to concluding the two pacts together at an early date.
Goyal also said that countries are looking for trusted trading partners amid the pandemic and given India’s track record, it will be the EU’s “most natural and reliable ally, partner and friend”.
Goyal also said that the two sides can create a win-win partnership. He emphasised India gives European businesses an opportunity given the cost of production in Europe is high but is competitive and reasonable in India.
The development gains significance as previously when the two sides were negotiating the Broad-based Trade and Investment Agreement (BITA), the parleys were suspended in 2013.