Meanwhile, the two sides agreed to carry on talks on both trade and investment agreements and strive to conclude them at the earliest – following the talks between Modi and his EU counterparts.
“This is a result of the political desire on both sides to harness the full potential of our economic engagement and work towards an early post-Covid recovery,” an official said.
Speaking at the closing ceremony of EU–India Business Roundtable, Indian Commerce and Industry Minister Piyush Goyal said the country remains committed to an FTA with the EU. The Broad-based Trade and Investment Agreement (BTIA), as the agreement is called, has remained in a limbo since May 2013 because of serious differences on a number of issues.
Talking about the FTA and the investment agreement, Goyal told the media: “These will be separate agreements and negotiated in a parallel track simultaneously. We are committed to concluding them at an early date. I say this because I believe that investments and trade go hand in hand and just like you have significant interest in the investment agreement... India’s interest lies in greater market access in Europe for our goods, and services.”