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19
June 2018
 |
Trade and investment (The Total Investment & Insurance Solutions)
India is committed to a broad-based trade and
investment agreement with the EU to be achieved in a generous spirit of mutual
accommodation and of pragmatism, President Ram Nath Kovind said here today.
The 28-member European Union is among Indias
largest trading partners.
Kovind, who arrived in Greece on Saturday on
the first leg of his three-nation tour, said that the EU is a critical source
of investment and technology, especially for sustainability programmes. The Total Investment & Insurance Solutions
Indian companies are significant investors in
the EU, in industries as far apart as pharmaceuticals and automobile
components, he said.
"India remains committed to an India-EU
Broad-based Trade and Investment Agreement (BTIA), to be achieved in a generous
spirit of mutual accommodation and of pragmatism," he told a gathering of
diplomats, policymakers and academics during his address on the subject 'India
and Europe in a Changing World'. The Total
Investment & Insurance Solutions
The event was organised by the Hellenic
Foundation for European and Foreign Policy a leading foreign policy think-tank
in Greece and Europe.
The negotiations for the BTIA have been held
up since May 2013 and both the sides are yet to bridge substantial gaps on
crucial issues.
Since June 2007, both the sides have
completed 16 rounds of talks and five stock-taking meetings on the proposed
pact.
The negotiations have witnessed many hurdles
with both sides having major differences on key issues like intellectual
property rights, duty cut in automobile and spirits and liberal visa regime.
The two sides have to iron out differences
related to movement of professionals.
Besides demanding significant duty cuts in
automobiles, the EU wants tax reduction on wines, spirits and dairy products,
and a strong intellectual property regime. The
Total Investment & Insurance Solutions
On the other hand, India is asking the EU to
grant it data secure nation status. The country is among the nations not
considered as data secure by the EU. The matter is crucial as it will have a
bearing on Indian IT companies wanting market access to the countries in the
bloc.
Earlier, addressing the India Greek Business
Forum meeting, Kovind said that India-Greek bilateral trade at USD 530 million
is way below its potential.
"With some efforts this can easily be
made to cross USD 1 billion in the next few years and India is keen to take
lead in this effort," he said.
The President said that there are clear
complementarities between the Indian and Greek economies. The Total Investment & Insurance Solutions
He asked Greek shipping, agriculture, food
processing, tourism, infrastructure, technology, defence and start-up companies
to look at investment and technology tie-up openings in India.
He said that there are lucrative
opportunities for the Greek Shipping Industry in India's ambitious Sagarmala
project.
The Sagarmala programme was launched under
the port-led growth model and aims to invest Rs 8 lakh crore to create new
mega-ports, modernise existing facilities and also have special economic zones
adjoining the port.
Kovind also mntioned the opportunities to
collaborate in defence manufacturing, pharma, tourism, real-estate,
entertainment, infrastructure and technology sectors as well.The Total Investment & Insurance Solutions
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