India, EU to discuss measures to strengthen bilateral trade relations

NEW DELHI: India and European Union have been working to strengthen their mutual ties. Both sides will discuss measures to conclude talks for Bilateral Investment and Trade Agreement (BITA). The chief negotiators from India and the European Union will hold three-day meeting in the same context in Brussels from today.

Both parties aim to resolve their differences and conclude talks on a proposed market opening pact by April, which would open commerce in goods, services and investment.

"The negotiations are very much on track...about 95 per cent of the work has been completed and on the remaining part, complex give and take is required...hopefully we will complete that on time," an official said.

The talks between the two nations were started in 2007 and had obstructed many times as there was a pressure from some of the EU members that social issues like environment and labour standards should be covered in the agreement.

According to an industry chamber report, if the trade pact is formalised then India-EU trade is likely to more than double to exceed USD 207 billion by 2015.