Athens: 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 on Tuesday. The President also invited Greek companies to invest in the Indian market.
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.
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 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.
Earlier, the President addressed the India Greek Business Forum meeting.
￼Major roadblocks on key issues
- 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.
- 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.
- 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.