Negotiations on India-EU trade deal to resume next month: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman. (File Image)

Finance Minister Nirmala Sitharaman on Tuesday said resumption of formal negotiations on India-EU trade deal during the leadership summit next month would help further strengthen ties with the European Union.

The negotiations between India and the European Union on a free trade agreement have been stalled since May 2013, when both sides failed to bridge substantial gaps on crucial issues, including data security status for the IT sector. The negotiations with the 27-nation grouping were launched in June 2007.

During the bilateral meeting with Portugal Foreign Affairs Minister Augusto Santos Silva, Sitharaman said that resumption of formal negotiations on both Trade and Investment agreements at the leaders’ meeting of India and EU on May 8 in Porto, Portugal would be a notable success for the Portuguese Presidency of the Council of EU.

“FM @nsitharaman also underscored on the need to build on historic bilateral ties based on stronger economic and financial links befitting a 21st century partnership built on mutual trust and equal commitment,” the finance ministry said in a tweet.

During the meeting, the finance minister highlighted the significance of the high-level visits between both countries during recent years which resulted in addition of several agreements and outcomes, thereby transforming the historical relationship into a modern 21st century partnership.

“FM @nsitharaman lauded the excellent bilateral relations between India & Portugal with shared history, culture and people-to-people ties. The two democracies focused on boosting economic growth, investment, industry and innovation is also a testament to these shared values,” another tweet said.