MoC calls for conclusion to Broad based Trade and Investment Agreement with the European Union

The Union Minister of Commerce Industry and Textiles Shri Anand Sharma has called for a nearly conclusion of ongoing negotiations for Broad based Trade and Investment agreement (BTIA) between India and European Union. In a meeting with Mr Hugo Swire MP, British Minister of State, Foreign and Commonwealth, here today, Shri Sharma said that offer on the table are very strong and largely we have meeting of mind. He said both the sides should ˜focus on the big picture and the benefits that will accrue and the positive message that will resonate in the global economy.™ He also informed that Chief Negotiators of both sides are meeting in Brussels (22nd- 23rd March, 2013) to carry forward the negotiations. Intensive engagements on part of the two sides are a reflection of their desire to finalizing a balanced trade agreement at the earliest.

Indian Minister apprised the UK Minister about emerging opportunities for investment in India. He briefed him about the efforts made in developing integrated Industrial townships especially in proposed Chennai Bangalore Industrial Corridor Project. Ministers also agreed to move forward in exploring the possibilities in the field of advanced manufacturing.

The calendar year 2011-12 saw a growth of 28.19% in bilateral trade which was about US$ 16.26 billion. Exports from India to UK in 2011-12 grew by 17.91% (US$ 8.59 billion) while imports from UK to India saw a growth of 42.05% (US$ 7.67 billion) in that period. However, the trade has seen negative growth of 8.09% in the first ten months of 2012-13 (April Jan) with exports declining by 3.31% and imports by 13.42%.

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Tags: Anand SharmaBroad-Based Black Economic EmpowermentBrusselsCabinet of IndiaEuropean UnionIndiaShri SharmaUnited States

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