India, EU start talks on proposed BTIA

India and the EU formally resumed negotiations over BTIA in Brussels on June 17 after a gap of over eight years.

''We have our teams in place...It will further strengthen our relations. Our bilateral trade has grown significantly in the last few months...There is a significant untapped potential which we will hope to unleash with the execution of these three agreements -- trade , investment and GIs,'' Goyal told reporters in Brussels.

Goyal said India wishes to engage with the world on modern products and look at areas where it can gain in terms of new technology and investments.

''All cards are on the table and we are coming with an open heart and an open mind... Agreements do not have to always be about gain or demands, I think agreements also have to be which is good for both negotiating teams and for the people,'' he said.

He added that there was a time when India was ‘'super sensitive'’ on issues like gender and sustainability, but in the last few years, the country has demonstrated to the world ''very deep commitment on these subjects''.

''We are looking at technology, we are looking at long term larger finance and low cost in order to transition much faster on the sustainable side,'' he added.

''The next round of negotiations will take place from June 27 till July 1 in New Delhi. We are pursuing an ambitious timeline and we aim to conclude the talks by the end of 2023,'' European Commission executive vice president Valdis Dombrovskis said.

The EU is India's third largest trade partner, accounting for almost 11 per cent of Indian trade in 2021. India is the EU's 10th most important trading partner, accounting for just over 2 per cent of EU trade in 2021. This relatively small share of overall EU trade in goods points to a large untapped potential, Dombrovskis added.

ALCHEMPro News Desk (DS)