India Hopes To Finish Free Trade Talks With EU Soon - Prime Minister

MOSCOW (UrduPoint News / Sputnik - 03rd May, 2022) India hopes that the European Union and New Delhi will overcome disagreements over bilateral trade and conclude the resumed negotiations on a free trade agreement in the near future, Indian Prime Minister Narendra Modi said on Tuesday.

India initiated talks on a free trade agreement with the EU in 2007; however, in 2013, the negotiations reached an impasse due to the parties' failure to agree on a number of key issues, including intellectual property rights, duties on cars and alcohol, and the movement of people. The talks resumed in May 2021.

"We hope that negotiations on the India-EU Free Trade Agreement will be concluded as soon as possible," the Indian prime minister said at a joint press conference with his Danish counterpart, Mette Frederiksen.

According to an Indian-Danish joint statement published on the website of the Indian Ministry of External Affairs, Modi and Frederiksen stressed the importance of the strategic partnership between India and the EU and reaffirmed their commitment to further strengthening bilateral cooperation.

"They welcomed the launch of the Trade and Technology Council between EU and India underlining the importance of deep, strategic collaboration on cross-cutting issues related to trade, trusted technology and security. The two leaders also recalled the India-EU Connectivity Partnership and agreed to support efforts towards its early implementation," the statement read.

The Trade and Technology Council, which was agreed during European Commission President Ursula von der Leyen's visit to New Delhi in late April, will monitor cooperation in technological management, industrial development and trade. It will be in charge of innovations and investments both within and between the parties. It is also designed to address obstacles to trade and strengthen supply chains.

In addition, during the press conference, the Indian prime minister noted that over 200 Danish companies are operating in India in various sectors, including wind energy, shipping, consulting, food industry and mechanical engineering.

"There are many such areas, they are getting the benefit of increasing 'Ease of Doing business' in India and our macroeconomic reforms. There are plenty of investment opportunities for Danish companies and Danish Pension Funds in India's infrastructure sector and green industries," Modi added.

On Monday, Modi began his first foreign tour this year. The trip includes official visits to Germany, Denmark and France with a view to strengthening bilateral relations.

On Tuesday, the Indian prime minister arrived in the Danish capital, Copenhagen. Modi's one-day visit to the country includes a number of meetings with leaders of the Nordic states.