Millennium Post (Kolkata)

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


NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday said resumption of formal negotiatio­ns on IndiaEU 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 highlevel 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.

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